Where to Get Capital for Machine Tool Manufacturing

Looking for small business loans for machine tool manufacturing? The SBA may be the answer. This $65,000 machine tool manufacturing loan was issued by a South Dakota bank.

This small firm knew how to go about getting a business bank loan. Based in Lead, South Dakota, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was First National Bank, based in Fort Pierre, South Dakota.

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL MANUFACTURING
LEAD, SD 57754

SBA Loan Lender

FIRST NATIONAL BANK
119 N DEADWOOD AVE
FORT PIERRE, SD 57532

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333512 - Machine Tool Manufacturing

Loan Approval Date

5/7/2004

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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 $65,000 loan. Remember, if it to be, it is up to me!

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:

Small Business Credit Cards

Best Fort Pierre, South Dakota Banks for Small Business

South Dakota SBA Banks