Machine Shops Small Business Loans

Looking for small business loans for machine shops? Talk to a banker who works with the SBA. This $114,300 machine shops loan was issued by an Utah bank.

This small firm received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Tooele Fcu, out of Tooele, Utah. The loan was granted and they received $114,300 to help grow their West Valley, Utah business.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
WEST VALLEY, UT 84119

SBA Loan Lender

TOOELE FCU
562 N MAIN ST
TOOELE, UT 84074

This lender issued this particular SBA bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

9/26/2005

Loan Approval Gross Amount

$114,300

Loan Approval from the SBA

Of the total $114,300 loan amount, the SBA guaranteed $97,155.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 business planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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

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.

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Best Banks in Tooele, Utah

Utah SBA Banks