Commercial Loans for Machine Shops

Looking for commercial loans for machine shops? Talk to a banker who works with the SBA. This $100,000 machine shops loan was issued by a Tennessee bank.

This business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Cornerstone Community Bank, out of Chattanooga, Tennessee. The loan was granted and they received $100,000 to help grow their Chattanooga, Tennessee business.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
CHATTANOOGA, TN 37404

SBA Loan Lender

CORNERSTONE COMMUNITY BANK
6401 LEE HWY, STE B
CHATTANOOGA, TN 37421

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.

NAICS Code

332710 - Machine Shops

Loan Approval Date

5/14/2004

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 9 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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