Financing for Hand and Edge Tool Manufacturing

Looking for commercial loans for hand and edge tool manufacturing? The SBA may be the answer. This $45,500 hand and edge tool manufacturing loan was issued by an Ohio bank.

This business knew how to go about getting a business bank loan. Based in Redford, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Rbs Citizens, based in Cleveland, Ohio.

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL ACCESSORIES
REDFORD, MI 48239

SBA Loan Lender

RBS CITIZENS
1215 SUPERIOR AVE
CLEVELAND, OH 44114

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3545 - Machine Tool Accessories

NAICS Code

332212 - Hand and Edge Tool Manufacturing

Loan Approval Date

10/11/2001

Loan Approval Gross Amount

$45,500

Loan Approval from the SBA

Of the total $45,500 loan amount, the SBA guaranteed $38,675.

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 loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

How to Raise Money

Where to Get an SBA Loan in Cleveland, Ohio

Getting an SBA Loan in Ohio