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May 14, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Wharton, Business Loans > The First State Bank Wharton Business Loans > Farm Machinery And Equipment Loan | ||||
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Bay City, Texas Bank Loan
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Farm Machinery and Equipment Manufacturing Bank LoansLooking for bank loans for farm machinery and equipment manufacturing? The SBA may be the answer. This $150,000 farm machinery and equipment manufacturing loan was issued by a Texas bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Bay City, Texas was able to borrow $150,000 from The First State Bank. The SBA made the loan possible by guaranteeing $112,500 of this Texas small business loan. SBA Loan Borrower COMPANY TYPE: FARM MACHINERY AND EQUIPMENT SBA Loan Lender THE FIRST STATE BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3523 - Farm Machinery and Equipment NAICS Code 333111 - Farm Machinery and Equipment Manufacturing Loan Approval Date 9/6/2000 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $112,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the business planned to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business If you are wondering how to find money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding. 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 The First State Bank 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: Role of Business Plan When Raising Money
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