SBA Loans for Industrial Machinery and Equipment Wholesalers
With these SBA loans for industrial machinery and equipment wholesalers, the SBA guarantees the lender that the loan will be repaid. This industrial machinery and equipment wholesalers loan for $125,000 was given to a Texas entrepreneur in 2002.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Abilene, Texas was able to borrow $125,000 from 1st National Bank - Baird. The SBA made the loan possible by guaranteeing $106,250 of this Texas small business loan.
SBA Loan Borrower
COMPANY TYPE: INDUSTRIAL MACHINERY AND EQUIPMENT WHOLESALERS
ABILENE, TX 79601
SBA Loan Lender
1ST NATIONAL BANK - BAIRD
1849 S FIRST ST
ABILENE, TX 79602
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
421830 - Industrial Machinery and Equipment Wholesalers
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $125,000 loan amount, the SBA guaranteed $106,250.
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 only one employee. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
Don't forget. To get an SBA loan, you must 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.
If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from 1st National Bank - Baird so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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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