Baltimore, Maryland Bank Lends Money to Machine Tools, Metal Cutting Types Company in Springfield, Virginia
A Baltimore, Maryland SBA loan can be yours. Learn how a company got a $300,000 business loan from this Maryland bank.
This loan to a local firm is a good example of an SBA loan. Manufacturers & Traders Trust made the loan and the SBA guaranteed a portion of the loan. Many other Virginia entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.
SBA Loan Borrower
COMPANY TYPE: MACHINE TOOLS, METAL CUTTING TYPES
SPRINGFIELD, VA 22151
SBA Loan Lender
MANUFACTURERS & TRADERS TRUST
25 S CHARLES ST
BALTIMORE, MD 21201
The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA bank loans to American small businesses.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
3541 - Machine Tools, Metal Cutting Types
NAICS Code
325414 - Biological Product Manufacturing
Loan Approval Date
7/11/2003
Loan Approval Gross Amount
$300,000
Loan Approval from the SBA
Of the total $300,000 loan amount, the SBA guaranteed $270,000.
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 13 employees. This SBA loan request did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
This SBA loan was for $300,000. How would you spend $300,000 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:
Getting a Small Business Loan
SBA Participating Banks in Baltimore, Maryland
Maryland SBA 7A Lenders