New Mexico Small Business Loan Issued to Mortgage And Nonmortgage Loan Brokers Company

Would a New Mexico small business loan help your small business to grow and prosper? If so, you may want to talk with this Texas bank, which offers SBA loans to New Mexico entrepreneurs.

This business, 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 Comerica Bank. We've got the inside scoop on this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: MORTGAGE AND NONMORTGAGE LOAN BROKERS
ALBUQUERQUE, NM 87114

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide bank loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

522310 - Mortgage and Nonmortgage Loan Brokers

Loan Approval Date

6/21/2005

Loan Approval Gross Amount

$1,092,000

Loan Approval from the SBA

Of the total $1,092,000 loan amount, the SBA guaranteed $819,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 12 employees. The SBA loan documents did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Comerica Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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