Western Commerce Bank SBA Loan to Eating Places Company
Western Commerce Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a New Mexico entrepreneur was able to get a loan to take a small business to the next level.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Albuquerque, New Mexico was able to borrow $240,000 from Western Commerce Bank. The SBA made the loan possible by guaranteeing $180,000 of this New Mexico small business loan.
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
ALBUQUERQUE, NM 87102
SBA Loan Lender
WESTERN COMMERCE BANK
127 S CANYON ST
CARLSBAD, NM 88220
This business loan was granted by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a complete analysis of the loan application and, in return, SBA provides a rapid loan approval or denial response.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5812 - Eating Places
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
5/29/2001
Loan Approval Gross Amount
$240,000
Loan Approval from the SBA
Of the total $240,000 loan amount, the SBA guaranteed $180,000.
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 33 employees. The loan application did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.
While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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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