Getting an SBA Loan for Machine Tool Manufacturing
With these SBA loans for machine tool manufacturing, the SBA guarantees the lender that the loan will be repaid. This machine tool manufacturing loan for $292,500 was given to an Indiana entrepreneur in 2000.
Getting a small business loan in Walkerton, Indiana was important for this business back in 2000 and, based on their loan application, they were successful in getting an SBA loan from 1st Source Bank, operating out of South Bend, Indiana. Here are the details on this Indiana small business loan.
SBA Loan Borrower
COMPANY TYPE: MACHINE TOOLS, METAL FORMING TYPES
WALKERTON, IN 46574
SBA Loan Lender
1ST SOURCE BANK
100 N MICHIGAN ST
SOUTH BEND, IN 46601
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
3542 - Machine Tools, Metal Forming Types
NAICS Code
333513 - Machine Tool Manufacturing
Loan Approval Date
6/15/2000
Loan Approval Gross Amount
$292,500
Loan Approval from the SBA
Of the total $292,500 loan amount, the SBA guaranteed $219,375.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 7 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 7 existing jobs.
Next Steps for Getting an SBA Loan
The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.
This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.
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.
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