Business Loan from First Community Bank Given to General Automotive Repair Company
First Community 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.
This growing company received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with First Community Bank, out of Taos, New Mexico. The loan was granted and they received $268,558 to help grow their Albuquerque, New Mexico business.
SBA Loan Borrower
COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
ALBUQUERQUE, NM 87123
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
811111 - General Automotive Repair
Loan Approval Date
3/29/2006
Loan Approval Gross Amount
$268,558
Loan Approval from the SBA
Of the total $268,558 loan amount, the SBA guaranteed $201,418.
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 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs.
Getting an SBA Loan For Your Business
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $268,558 loan. It's not easy, but why not give getting an SBA loan of your own a try?
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:
Business Line of Credit
SBA Participating Banks in Taos, New Mexico
New Mexico SBA 7A Lenders