Bank Loans for Insurance Agencies and Brokerages
With these bank loans for insurance agencies and brokerages, the SBA guarantees the lender that the loan will be repaid. This insurance agencies and brokerages loan for $85,000 was given to a New Mexico entrepreneur in 2000.
This small firm received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with First Community Bank, out of Albuquerque, New Mexico. The loan was granted and they received $85,000 to help grow their Albuquerque, New Mexico business.
SBA Loan Borrower
COMPANY TYPE: INSURANCE AGENTS AND BROKERS
ALBUQUERQUE, NM 87111
SBA Loan Lender
FIRST COMMUNITY BANK
111 LOMAS NW
ALBUQUERQUE, NM 87102
This lender issued this particular SBA small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
6411 - Insurance Agents and Brokers
NAICS Code
524210 - Insurance Agencies and Brokerages
Loan Approval Date
11/17/2000
Loan Approval Gross Amount
$85,000
Loan Approval from the SBA
Of the total $85,000 loan amount, the SBA guaranteed $68,000.
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 4 employees. The loan application did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $85,000 loan. Remember, you control your own destiny.
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:
Determining Proper Capital Structure for a Business
Banks in Albuquerque, New Mexico
SBA Lenders in New Mexico