How to Get a Loan for Machine Tool Manufacturing

Looking for business loans for machine tool manufacturing? The SBA may be the answer. This $136,000 machine tool manufacturing loan was issued by a Wisconsin bank.

This small business knew how to go about getting a business bank loan. Based in Manitowoc, Wisconsin, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Investors Community Bank, based in Manitowoc, Wisconsin.

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL MANUFACTURING
MANITOWOC, WI 54220

SBA Loan Lender

INVESTORS COMMUNITY BANK
860 N RAPIDS RD
MANITOWOC, WI 54220

This small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333512 - Machine Tool Manufacturing

Loan Approval Date

10/27/2004

Loan Approval Gross Amount

$136,000

Loan Approval from the SBA

Of the total $136,000 loan amount, the SBA guaranteed $115,600.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Investors Community 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.

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