Pennsylvania SBA Loan Issued to Machine Tool Manufacturing Company

PennsylvaniaBank loans are available to Pennsylvania firms through the SBA. In this case, a Pennsylvania bank provides the loan.

This company, based in Orwigsburg, Pennsylvania, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Penn Business Credit, Inc. We've got the inside scoop on this Pennsylvania small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL MANUFACTURING
ORWIGSBURG, PA 17961

SBA Loan Lender

PENN BUSINESS CREDIT, INC
1601 MARKET STREET, SUITE 256
PHILADELPHIA, PA 19103

This lender issued this SBA small business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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.

NAICS Code

333512 - Machine Tool Manufacturing

Loan Approval Date

2/17/2005

Loan Approval Gross Amount

$1,500,000

Loan Approval from the SBA

Of the total $1,500,000 loan amount, the SBA guaranteed $1,350,000.

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 45 employees. The SBA loan documents did not indicate that the business promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your 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 important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Penn Business Credit, Inc had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Penn Business Credit, Inc 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:

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SBA Participating Banks in Philadelphia, Pennsylvania

Pennsylvania SBA 7A Lenders