Borrowing Money for Machine Shops

With these bank loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $85,000 was given to a California entrepreneur in 2001.

This company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with East West Bank, out of Pasadena, California. The loan was granted and they received $85,000 to help grow their La Habra, Ca, California business.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
LA HABRA, CA, CA 90631

SBA Loan Lender

EAST WEST BANK
135 N LOS ROBLES AVE, 7TH FL
PASADENA, CA 91101

This lender issued this bank loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

8/21/2001

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like East West Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

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SBA Participating Banks in Pasadena, California

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