Raising Money for Septic Tank and Related Services

With these bank loans for septic tank and related services, the SBA guarantees the lender that the loan will be repaid. This septic tank and related services loan for $141,187 was given to a New Mexico entrepreneur in 2002.

This company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with First Savings Bank, out of Alamogordo, New Mexico. The loan was granted and they received $141,187 to help grow their Alamogordo, New Mexico business.

SBA Loan Borrower

COMPANY TYPE: SEPTIC TANK AND RELATED SERVICES
ALAMOGORDO, NM 88311

SBA Loan Lender

FIRST SAVINGS BANK
723 NEW YORK AVE
ALAMOGORDO, NM 88310

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

562991 - Septic Tank and Related Services

Loan Approval Date

2/22/2002

Loan Approval Gross Amount

$141,187

Loan Approval from the SBA

Of the total $141,187 loan amount, the SBA guaranteed $120,009.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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.

Related Links:

Obtaining Funding - Getting Venture Capital

Where to Get an SBA Loan in Alamogordo, New Mexico

Getting an SBA Loan in New Mexico