Machine Shops Business Loans

Looking for business loans for machine shops? An SBA loan may be just what you've been looking for. This $816,000 machine shops loan was issued by an Iowa bank.

This small business knew how to go about getting a business bank loan. Based in Laurens, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Community State Bank, based in Spencer, Iowa.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
LAURENS, IA 50554

SBA Loan Lender

COMMUNITY STATE BANK
1812 HWY BLVD
SPENCER, IA 51301

This lender issued this bank loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started 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

12/10/2003

Loan Approval Gross Amount

$816,000

Loan Approval from the SBA

Of the total $816,000 loan amount, the SBA guaranteed $612,000.

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 65 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to add 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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $816,000 loan. Remember, feel the fear, and do it anyway.

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:

Choosing VC Firms

SBA 7A Banks in Spencer, Iowa

Getting an SBA Loan in Iowa