Wells Fargo Bank SBA Loan to Plumbing, Heating, And Air Conditioning Contractors Company
Wells Fargo Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one New Mexico entrepreneur who tapped into the power of SBA loans.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Albuquerque, New Mexico was able to borrow $70,000 from Wells Fargo Bank. The SBA made the loan possible by guaranteeing $35,000 of this New Mexico small business loan.
SBA Loan Borrower
COMPANY TYPE: PLUMBING, HEATING, AND AIR CONDITIONING CONTRACTORS
ALBUQUERQUE, NM 87114
SBA Loan Lender
WELLS FARGO BANK
550 SAN MATEO BLVD SE
ALBUQUERQUE, NM 87108
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
NAICS Code
235110 - Plumbing, Heating, and Air Conditioning Contractors
Loan Approval Date
6/29/2001
Loan Approval Gross Amount
$70,000
Loan Approval from the SBA
Of the total $70,000 loan amount, the SBA guaranteed $35,000.
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 indicated that the loan would help generate 11 new jobs and retain 4 existing jobs.
Next Steps for Getting an SBA Loan
The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.
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:
Famous Venture Capitalists
Who Lends Money to Small Businesses in Albuquerque, New Mexico
SBA New Mexico Lenders