Commercial Loans for Farm and Garden Machinery and Equipment Wholesalers

Looking for commercial loans for farm and garden machinery and equipment wholesalers? Try the SBA. This $289,000 farm and garden machinery and equipment wholesalers loan was issued by a Texas bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Memphis, Texas was able to borrow $289,000 from Wellington State Bank. The SBA made the loan possible by guaranteeing $216,750 of this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: FARM AND GARDEN MACHINERY AND EQUIPMENT
MEMPHIS, TX 79245

SBA Loan Lender

WELLINGTON STATE BANK
1000 8TH ST
WELLINGTON, TX 79095

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide debt financing to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5083 - Farm and Garden Machinery and Equipment

NAICS Code

421820 - Farm and Garden Machinery and Equipment Wholesalers

Loan Approval Date

8/16/2001

Loan Approval Gross Amount

$289,000

Loan Approval from the SBA

Of the total $289,000 loan amount, the SBA guaranteed $216,750.

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 10 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $289,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Bank Credit Lines

SBA 7A Banks in Wellington, Texas

Texas SBA 7A Banks