Getting an SBA Loan for Doll and Stuffed Toy Manufacturing

Looking for commercial loans for doll and stuffed toy manufacturing? Talk to a banker who works with the SBA. This $100,000 doll and stuffed toy manufacturing loan was issued by a Texas bank.

This small business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with First National Bank - Monahans, out of Monahans, Texas. The loan was granted and they received $100,000 to help grow their Midland, Texas business.

SBA Loan Borrower

COMPANY TYPE: DOLL AND STUFFED TOY MANUFACTURING
MIDLAND, TX 79701

SBA Loan Lender

FIRST NATIONAL BANK - MONAHANS
307 S MAIN
MONAHANS, TX 79756

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

339931 - Doll and Stuffed Toy Manufacturing

Loan Approval Date

7/25/2003

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 4 employees. The loan application did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First National Bank - Monahans and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Direct Public Offerings

Best Banks in Monahans, Texas

Getting an SBA Loan in Texas