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May 14, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Tyler, Business Loans > Southside Bank Tyler Business Loans > Sheet Metal Work Manufacturing Loan | ||||
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Southside Bank
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Business Loan from Southside Bank Given to Sheet Metal Work Manufacturing CompanySouthside Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Texas entrepreneur was able to get a loan to take a small business to the next level. This growing company knew how to go about getting a business bank loan. Based in Tyler, Texas, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Southside Bank, based in Tyler, Texas. SBA Loan Borrower COMPANY TYPE: SHEET METAL WORK MANUFACTURING SBA Loan Lender SOUTHSIDE BANK This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 332322 - Sheet Metal Work Manufacturing Loan Approval Date 1/21/2003 Loan Approval Gross Amount $110,000 Loan Approval from the SBA Of the total $110,000 loan amount, the SBA guaranteed $93,500. 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 4 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Southside Bank and they will explain how you can get an SBA loan for your company. 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: Advice on Getting a Small Business Loan Best Tyler, Texas Banks for Small Business SBA Participating Banks in Texas
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