Get an SBA Loan for Cutting Tool and Machine Tool Accessory Manufacturing

With these bank loans for cutting tool and machine tool accessory manufacturing, the SBA guarantees the lender that the loan will be repaid. This cutting tool and machine tool accessory manufacturing loan for $52,000 was given to a Tennessee entrepreneur in 2005.

Getting a small business loan in Oak Ridge, Tennessee was important for this growing firm back in 2005 and, based on their loan application, they were successful in getting an SBA loan from First National Bank, operating out of Knoxville, Tennessee. Here are the details on this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL ACCESSORIES
OAK RIDGE, TN 37830

SBA Loan Lender

FIRST NATIONAL BANK
10514 KINGSTON PIKE
KNOXVILLE, TN 37922

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3545 - Machine Tool Accessories

NAICS Code

333515 - Cutting Tool and Machine Tool Accessory Manufacturing

Loan Approval Date

6/1/2005

Loan Approval Gross Amount

$52,000

Loan Approval from the SBA

Of the total $52,000 loan amount, the SBA guaranteed $39,000.

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 16 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to increase staffing levels 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.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First National Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Obtaining Funding - Getting Venture Capital

Small Business Banks in Knoxville, Tennessee

Where to Get an SBA Loan Tennessee