SBA Loan from City Bank Helps Machine Tool Manufacturing Company

An SBA loan from City Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Wylie, Texas business owner got a $1,481,600 loan.

This small firm knew how to go about getting a business bank loan. Based in Wylie, Texas, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was City Bank, based in Plano, Texas.

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL MANUFACTURING
WYLIE, TX 75098

SBA Loan Lender

CITY BANK
7800 PRESTON RD, STE 201
PLANO, TX 75024

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333512 - Machine Tool Manufacturing

Loan Approval Date

9/30/2002

Loan Approval Gross Amount

$1,481,600

Loan Approval from the SBA

Of the total $1,481,600 loan amount, the SBA guaranteed $999,991.

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 25 employees. This SBA loan request indicated that the loan would help retain 25 existing jobs.

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. City Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, City Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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 7A Banks in Plano, Texas

SBA Texas Banks