Mechanical Power Transmission Equipment Manufacturing Bank Loans

With these bank loans for mechanical power transmission equipment manufacturing, the SBA guarantees the lender that the loan will be repaid. This mechanical power transmission equipment manufacturing loan for $125,000 was given to a Massachusetts entrepreneur in 2001.

This company knew how to go about getting a business bank loan. Based in Dalton, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Berkshire Bank, based in Pittsfield, Massachusetts.

SBA Loan Borrower

COMPANY TYPE: MECHANICAL POWER TRANSMISSION EQUIPMENT
DALTON, MA 01226

SBA Loan Lender

BERKSHIRE BANK
24 NORTH ST
PITTSFIELD, MA 01201

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

3568 - Mechanical Power Transmission Equipment

NAICS Code

333613 - Mechanical Power Transmission Equipment Manufacturing

Loan Approval Date

5/15/2001

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $106,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 15 employees. The loan application did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

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

If you are interested in getting money to start a business or need money for an existing business, an SBA loan can be a great funding source

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 Berkshire 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:

How to Raise Money

SBA Banks in Pittsfield, Massachusetts

Browse All Business Loan Sources for Massachusetts