Borrowing Money for General Purpose Machinery Manufacturing

With these loans for general purpose machinery manufacturing, the SBA guarantees the lender that the loan will be repaid. This general purpose machinery manufacturing loan for $250,000 was given to a Pennsylvania entrepreneur in 2002.

This small firm knew how to go about getting a business bank loan. Based in Erie, Pennsylvania, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was First National Bank - Pennsylvania, based in Hermitage, Pennsylvania.

SBA Loan Borrower

COMPANY TYPE: GENERAL PURPOSE MACHINERY MANUFACTURING
ERIE, PA 16506

SBA Loan Lender

FIRST NATIONAL BANK - PENNSYLVANIA
3320 E STATE ST
HERMITAGE, PA 16148

This SBA loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

333999 - General Purpose Machinery Manufacturing

Loan Approval Date

2/22/2002

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $125,000.

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 6 employees. The SBA loan application for the borrower indicated that the funding would help create 6 new jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First National Bank - Pennsylvania that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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