Industrial Machinery and Equipment Wholesalers Small Business Loans

Looking for small business loans for industrial machinery and equipment wholesalers? Talk to a banker who works with the SBA. This $500,000 industrial machinery and equipment wholesalers loan was issued by an Oklahoma bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Broken Arrow, Oklahoma was able to borrow $500,000 from The F&m Bank & Trust Company. The SBA made the loan possible by guaranteeing $450,000 of this Oklahoma small business loan.

SBA Loan Borrower

WATER PROCESS SYSTEMS, INC.
115 W. BROADWAY, STE. B
BROKEN ARROW, OK 74012

SBA Loan Lender

THE F&M BANK & TRUST COMPANY
1330 S HARVARD AVE
TULSA, OK 74112

This lender issued this bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5084 - Industrial Machinery and Equipment

NAICS Code

421830 - Industrial Machinery and Equipment Wholesalers

Loan Approval Date

3/1/2001

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $450,000.

More Information on This SBA Loan

The borrower, Water Process Systems, Inc., borrowed this money for an existing business. The SBA's record indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees. This loan was paid in full, and was closed out on 11/19/2002.

Great, But How Can I Get an SBA Loan for My Business?

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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like Water Process Systems, Inc. did when it applied for and received this $500,000 loan. Remember, anyone can do it... so why not you?

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

Business Line of Credit

SBA 7A Lenders in Tulsa, Oklahoma

Getting a Business Loan in Oklahoma

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