# PPP loan: MAGNA MACHINE & TOOL CO INC
> **$577K** approved 01/22/2021 · Paid in Full · Loan `3672058306`
## Borrower
- **Name:** MAGNA MACHINE & TOOL CO INC
- **Address:** 3722 N Messick Rd, New Castle, IN, 47362-9315
- **NAICS:** 332710
- **Business type:** Subchapter S Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $577K
- **Initial approval:** $577K
- **Forgiven:** $584K (101%)
- **Forgiveness date:** 05/19/2022
- **Status:** Paid in Full
- **Term:** 60 months
## Use of funds
- **Payroll:** $577K
- **Utilities:** $1
- **Jobs reported:** 38
## Lender
- **Originating:** STAR Financial Bank
- **Servicing:** STAR Financial Bank (IN)
---
*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*