Borrowing Money for Truck Trailer Manufacturing

With these bank loans for truck trailer manufacturing, the SBA guarantees the lender that the loan will be repaid. This truck trailer manufacturing loan for $168,110 was given to a Pennsylvania entrepreneur in 2005.

This small firm knew how to go about getting a business bank loan. Based in Windber, Pennsylvania, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Somerset Trust Company, based in Somerset, Pennsylvania.

SBA Loan Borrower

COMPANY TYPE: TRUCK TRAILERS
WINDBER, PA 15963

SBA Loan Lender

SOMERSET TRUST COMPANY
151 W MAIN ST
SOMERSET, PA 15501

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3715 - Truck Trailers

NAICS Code

336212 - Truck Trailer Manufacturing

Loan Approval Date

7/29/2005

Loan Approval Gross Amount

$168,110

Loan Approval from the SBA

Of the total $168,110 loan amount, the SBA guaranteed $126,083.

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 75 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

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

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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:

Raising Venture Capital

Banks in Somerset, Pennsylvania

Getting an SBA Loan in Pennsylvania