Loan to Buy Sealmaster Franchise Issued By First Community Bank
Borrowing money to purchase a Sealmaster franchise? First Community Bank has a history of making these loans and they are guaranteed by the SBA.
Sealmaster franchise loans are available to Albuquerque, New Mexico entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, First Community Bank, based in Taos, New Mexico, issued an SBA franchise loan for a Sealmaster franchise in 2006. We've got all the details on this New Mexico small business loan.
SBA Loan Borrower
SEAL MASTER ALBUQUERQUE
ALBUQUERQUE, NM 87113
SBA Loan Lender
FIRST COMMUNITY BANK
120 W PLAZA
TAOS, NM 87571
This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
238990 - Specialty Trade Contractors
Loan Approval Date
3/23/2006
Loan Approval Gross Amount
$475,000
Loan Approval from the SBA
Of the total $475,000 loan amount, the SBA guaranteed $356,250.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy a Sealmaster franchise. At the time of the loan, the company
had 5 employees. The SBA loan application for the borrower indicated that the loan would help retain 5 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.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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:
SealMaster Industries
Choosing VC Firms
Small Business Banks in Taos, New Mexico
New Mexico SBA 7A Lenders