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December 18, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Mount Pleasant, Business Loans > Pilgrim Bank Mount Pleasant Business Loans > Internal Combustion Engine Electrical Equipment Loan | ||||
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Texas SBA Lenders
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Mount Pleasant, Texas Bank Lends Money to Internal Combustion Engine Electrical Equipment Company in Mt. Pleasant, TexasThinking about meeting with a Mount Pleasant, Texas bank about an SBA loan? Here's one Texas business loan, issued by a Mount Pleasant bank, that was approved by the SBA. Applying for an SBA loan with Pilgrim Bank worked out well for our friends at one local firm in Mt. Pleasant, Texas. They received an SBA loan for $500,000. Way to go! SBA Loan Borrower COMPANY TYPE: INTERNAL COMBUSTION ENGINE ELECTRICAL EQUIPMENT SBA Loan Lender PILGRIM BANK This lender issued this loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3694 - Internal Combustion Engine Electrical Equipment NAICS Code 336322 - Motor Vehicle Electrical and Electronic Equipment Manufacturing Loan Approval Date 9/17/2001 Loan Approval Gross Amount $500,000 Loan Approval from the SBA Of the total $500,000 loan amount, the SBA guaranteed $400,000. 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 3 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business Remember, 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. If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Pilgrim Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Find an SBA Lender in Mount Pleasant, Texas
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