First Community Bank Provides SBA Loan to Buy El Taco Franchise

Borrowing money to buy an El Taco franchise? First Community Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Albuquerque, New Mexico and are interested in buying an El Taco franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2006 by First Community Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

EL TACO TOTE
ALBUQUERQUE, NM 87108

SBA Loan Lender

FIRST COMMUNITY BANK
120 W PLAZA
TAOS, NM 87571

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

12/7/2006

Loan Approval Gross Amount

$122,000

Loan Approval from the SBA

Of the total $122,000 loan amount, the SBA guaranteed $91,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an El Taco franchise. At the time of the loan, the company had 24 employees. This SBA loan request indicated that the loan would help retain 24 existing jobs.

Getting an SBA Loan For Your 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.

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:

El Taco Tote Real Mexican Grill

Raising VC Money for Social Networking Companies

Who Lends Money to Small Businesses in Taos, New Mexico

SBA Lenders in New Mexico