Small Business Loans for Machine Tool Manufacturing

With these small business loans for machine tool manufacturing, the SBA guarantees the lender that the loan will be repaid. This machine tool manufacturing loan for $100,000 was given to a Washington entrepreneur in 2004.

This small firm received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Horizon Bank, out of Burlington, Washington. The loan was granted and they received $100,000 to help grow their Monroe, Washington business.

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL MANUFACTURING
MONROE, WA 98272

SBA Loan Lender

HORIZON BANK
1020 S BURLINGTON BLVD
BURLINGTON, WA 98233

This bank 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

7/6/2004

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. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 21 employees. The SBA loan documents 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 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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

Related Links:

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Best Banks for Small Business in Burlington, Washington

Getting an SBA Loan in Washington