Entrepreneur Works With Albuquerque, New Mexico Bank to Get an SBA Loan

Get to know Albuquerque, New Mexico banks that specialize in SBA loans and know how to work with entrepreneurs. Union Savings Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Albuquerque, New Mexico starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from Union Savings Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: OFFICE ADMINISTRATIVE SERVICES
ALBUQUERQUE, NM 87109

SBA Loan Lender

UNION SAVINGS BANK
1500 MERCANTILE AVE NE
ALBUQUERQUE, NM 87107

This lender issued this loan for a small business under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561110 - Office Administrative Services

Loan Approval Date

7/14/2004

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 a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Union Savings Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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

Good Banks for Small Business in Albuquerque, New Mexico

New Mexico SBA 7A Banks