How to Get a Loan for Machine Shops

With these SBA loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $118,500 was given to an Iowa entrepreneur in 2001.

Getting a small business loan in Paulina, Iowa was important for this small business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from American State Bank, operating out of Granville, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
PAULINA, IA 51046

SBA Loan Lender

AMERICAN STATE BANK
BROAD & MAIN
GRANVILLE, IA 51022

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

2/2/2001

Loan Approval Gross Amount

$118,500

Loan Approval from the SBA

Of the total $118,500 loan amount, the SBA guaranteed $100,725.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the business planned to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. American State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, American 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 From a Venture Capitalist

SBA Participating Banks in Granville, Iowa

SBA Lenders in Iowa