How to Get a Loan for Machine Shops

Looking for commercial loans for machine shops? An SBA loan may be just what you've been looking for. This $148,000 machine shops loan was issued by a Texas bank.

Getting a small business loan in Odessa, Texas was important for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Commercial State Bank, operating out of Andrews, Texas. Here are the details on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
ODESSA, TX 79762

SBA Loan Lender

COMMERCIAL STATE BANK
200 S MAIN ST
ANDREWS, TX 79714

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

11/17/2004

Loan Approval Gross Amount

$148,000

Loan Approval from the SBA

Of the total $148,000 loan amount, the SBA guaranteed $125,800.

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 6 employees. This SBA loan request did not indicate that the business planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Commercial State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Commercial State Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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 - How to Borrow Money

Best Banks in Andrews, Texas

Texas SBA Banks