Albuquerque, New Mexico Business Gets SBA-Guaranteed Funding from New Mexico Bank & Trust

An SBA loan from New Mexico Bank & Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Albuquerque, New Mexico business owner got a $75,000 loan.

This business knew how to go about getting a business bank loan. Based in Albuquerque, New Mexico, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was New Mexico Bank & Trust, based in Rio Rancho, New Mexico.

SBA Loan Borrower

COMPANY TYPE: RECYCLABLE MATERIAL WHOLESALERS
ALBUQUERQUE, NM 87120

SBA Loan Lender

NEW MEXICO BANK & TRUST
4001 SOUTHERN BLVD SE
RIO RANCHO, NM 87124

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

421930 - Recyclable Material Wholesalers

Loan Approval Date

5/31/2002

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 3 employees. The loan application did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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