Salt Lake City, Utah Bank Gives SBA Loan to Machine Shops Company

Get to know Salt Lake City, Utah banks that specialize in business loans and know how to work with entrepreneurs. Merrill Lynch Bank Usa is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Santee, California starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Merrill Lynch Bank Usa. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
SANTEE, CA 92071

SBA Loan Lender

MERRILL LYNCH BANK USA
15 W SOUTH TEMPLE, STE 300
SALT LAKE CITY, UT 84101

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

9/30/2002

Loan Approval Gross Amount

$245,000

Loan Approval from the SBA

Of the total $245,000 loan amount, the SBA guaranteed $183,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 10 employees. The SBA loan application for the borrower indicated that the loan would help retain 10 existing jobs.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Santee CA, you ought to talk with a local Santee SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Santee businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Merrill Lynch Bank Usa and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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