First Community Bank Gives Bank Loan to Engineering Services Company
New MexicoBank loans are available to New Mexico firms through the SBA. In this case, a New Mexico bank provides the loan.
This company, based in Albuquerque, New Mexico, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from First Community Bank. We've got the inside scoop on this New Mexico small business loan.
SBA Loan Borrower
COMPANY TYPE: ENGINEERING SERVICES
ALBUQUERQUE, NM 87109
SBA Loan Lender
FIRST COMMUNITY BANK
120 W PLAZA
TAOS, NM 87571
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
541330 - Engineering Services
Loan Approval Date
12/1/2004
Loan Approval Gross Amount
$200,000
Loan Approval from the SBA
Of the total $200,000 loan amount, the SBA guaranteed $150,000.
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 15 employees. The SBA loan documents indicated that the loan would help retain 15 existing jobs.
Getting an SBA Loan For Your Business
If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great funding source
While you may be able to find business people willing to loan money, 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.
Related Links:
VC Firms on Twitter
Good Banks for Small Business in Taos, New Mexico
New Mexico SBA Banks