Business Loan from Suntrust Bank Given to Precision Turned Product Manufacturing Company
Suntrust Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Florida entrepreneur who tapped into the power of SBA loans.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Oldsmar, Florida was able to borrow $46,000 from Suntrust Bank. The SBA made the loan possible by guaranteeing $23,000 of this Florida small business loan.
SBA Loan Borrower
COMPANY TYPE: PRECISION TURNED PRODUCT MANUFACTURING
Oldsmar, FL 34677
SBA Loan Lender
SUNTRUST BANK
25 PARK PLACE NE
ATLANTA, GA 30303
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
NAICS Code
332721 - Precision Turned Product Manufacturing
Loan Approval Date
7/23/2007
Loan Approval Gross Amount
$46,000
Loan Approval from the SBA
Of the total $46,000 loan amount, the SBA guaranteed $23,000.
More Information on This SBA Loan
The borrower borrowed this money for a new 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 2 employees. The SBA loan application for the borrower indicated that the loan would help retain 2 existing jobs.
Next Steps for Getting an SBA Loan
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. Suntrust Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Suntrust 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:
Advice on Getting a Small Business Loan
SBA Banks in Atlanta, Georgia
Getting a Business Loan in Georgia