Raising Money for Motor Vehicle Seating and Interior Trim Manufacturing

Looking for bank loans for motor vehicle seating and interior trim manufacturing? Talk to a banker who works with the SBA. This $700,000 motor vehicle seating and interior trim manufacturing loan was issued by an Indiana bank.

This company knew how to go about getting a business bank loan. Based in Williamsburg, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Irwin Union Bank & Trust, based in Columbus, Indiana.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE SEATING AND INTERIOR TRIM MANUFACTURING
WILLIAMSBURG, MI 49690

SBA Loan Lender

IRWIN UNION BANK & TRUST
500 WASHINGTON ST
COLUMBUS, IN 47201

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

336360 - Motor Vehicle Seating and Interior Trim Manufacturing

Loan Approval Date

12/21/2005

Loan Approval Gross Amount

$700,000

Loan Approval from the SBA

Of the total $700,000 loan amount, the SBA guaranteed $525,000.

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 100 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

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

SBA loans provide money to small business owners for working capital for other expenses.

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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