Financing 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 $150,000 was given to a New Mexico entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Los Lunas, New Mexico was able to borrow $150,000 from My Bank. The SBA made the loan possible by guaranteeing $127,500 of this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
LOS LUNAS, NM 87031

SBA Loan Lender

MY BANK
19339 HWY 85
BELEN, NM 87002

This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

7/8/2005

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 2 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

This SBA loan was for $150,000. How would you spend $150,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

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SBA Participating Banks in New Mexico