Get an SBA Loan for Iron and Steel Forging

Looking for small business loans for iron and steel forging? Talk to a banker who works with the SBA. This $60,000 iron and steel forging loan was issued by a Maryland bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Salisbury, Maryland was able to borrow $60,000 from The Bank Of Delmarva. The SBA made the loan possible by guaranteeing $51,000 of this Maryland small business loan.

SBA Loan Borrower

COMPANY TYPE: IRON AND STEEL FORGING
SALISBURY, MD 21801

SBA Loan Lender

THE BANK OF DELMARVA
2727 N SALISBURG BLVD
SALISBURY, MD 21801

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332111 - Iron and Steel Forging

Loan Approval Date

3/9/2004

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $51,000.

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 3 employees. The loan application did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Business Incubators

SBA 7A Banks for Salisbury, Maryland Loans

Maryland SBA 7A Banks