Entrepreneur Works With Alamogordo, New Mexico Bank to Get an SBA Loan
An Alamogordo, New Mexico SBA loan can be yours. Learn how a business got a $674,000 business loan from this New Mexico bank.
This loan to a local firm is a good example of an SBA loan. Western Bank made the loan and the SBA guaranteed a portion of the loan. Many other New Mexico entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.
SBA Loan Borrower
COMPANY TYPE: HOUSEHOLD APPLIANCE STORES
ALAMOGORDO, NM 88310
SBA Loan Lender
WESTERN BANK
500 9TH & MARYLAND
ALAMOGORDO, NM 88310
This loan for a small business was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
443111 - Household Appliance Stores
Loan Approval Date
9/30/2002
Loan Approval Gross Amount
$674,000
Loan Approval from the SBA
Of the total $674,000 loan amount, the SBA guaranteed $505,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 11 employees. This SBA loan request did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.
Getting an SBA Loan For Your Business
If you need money to start a small business or need money to grow a business, an SBA loan can be a great source of funding.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Western Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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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