Get an SBA Loan for Machine Shops

With these loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $872,500 was given to a Kansas entrepreneur in 2006.

This company knew how to go about getting a business bank loan. Based in Wichita, Kansas, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was 1st National Bank - Southern Kansas, based in Mount Hope, Kansas.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT
WICHITA, KS 67219

SBA Loan Lender

1ST NATIONAL BANK - SOUTHERN KANSAS
100 N OHIO ST
MOUNT HOPE, KS 67108

This lender issued this bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3599 - Industrial and Commercial Machinery and Equipment

NAICS Code

332710 - Machine Shops

Loan Approval Date

6/26/2006

Loan Approval Gross Amount

$872,500

Loan Approval from the SBA

Of the total $872,500 loan amount, the SBA guaranteed $654,375.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 110 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 1st National Bank - Southern Kansas 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.

Related Links:

Advice on Getting a Small Business Loan

Best Banks for Small Business in Mount Hope, Kansas

SBA Participating Banks in Kansas