Precision Engineered Ceramics, Gets a Texas Small Business Loan

Would a Texas SBA loan help your business get to the next level? If so, you may want to talk with this Texas bank, which offers SBA loans to Texas entrepreneurs.

By giving the right information to Prosperity Bank, this Houston, Texas business was able to get an SBA loan. To get this loan, Precision Engineered Ceramics, gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

PRECISION ENGINEERED CERAMICS,
12067 MISTY VALLEY RD.
HOUSTON, TX 77066

SBA Loan Lender

PROSPERITY BANK
900 CONGRESS AVE
AUSTIN, TX 78701

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

327999 - All Other Miscellaneous Nonmetallic Mineral Product Manufacturing

Loan Approval Date

6/18/2003

Loan Approval Gross Amount

$24,100

Loan Approval from the SBA

Of the total $24,100 loan amount, the SBA guaranteed $20,485.

More Information on This SBA Loan

The borrower, Precision Engineered Ceramics,, borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to increase staffing levels 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. Precision Engineered Ceramics, needed a loan. Prosperity Bank probably wouldn't have granted the loan based on the merits of the company, but with the SBA stepping up and agreeing to guarantee part of the loan, Prosperity Bank made the loan. The end result was that Precision Engineered Ceramics, 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 SBA loan database.

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