Commercial Loans for General Purpose Machinery Manufacturing

Looking for commercial loans for general purpose machinery manufacturing? Try the SBA. This $150,000 general purpose machinery manufacturing loan was issued by a Texas bank.

This business knew how to go about getting a business bank loan. Based in Midland, Texas, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was First National Bank - Monahans, based in Midland, Texas.

SBA Loan Borrower

COMPANY TYPE: GENERAL PURPOSE MACHINERY MANUFACTURING
MIDLAND, TX 79701

SBA Loan Lender

FIRST NATIONAL BANK - MONAHANS
5312 W WADLEY
MIDLAND, TX 79707

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a loan . 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

333999 - General Purpose Machinery Manufacturing

Loan Approval Date

8/14/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 26 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

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 $150,000 loan. Remember, fight for what you want, and it will be yours!

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:

Startup Funding Tip

Where to Get an SBA Loan in Midland, Texas

Texas SBA Bank Lenders