Albuquerque, New Mexico Business Gets SBA-Guaranteed Funding from Bank 1st

Bank 1st and the SBA work together to get business loans for growing small businesses. Here's an example of how a New Mexico entrepreneur was able to get a loan to take a small business to the next level.

This growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Bank 1st, out of Albuquerque, New Mexico. The loan was granted and they received $100,000 to help grow their Albuquerque, New Mexico business.

SBA Loan Borrower

COMPANY TYPE: SPECIALTY TRADE CONTRACTORS
ALBUQUERQUE, NM 87111

SBA Loan Lender

BANK 1ST
2900 LOUISIANA BLVD NE, SO BL
ALBUQUERQUE, NM 87190

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with borrowing money. The low-doc program requires 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

238990 - Specialty Trade Contractors

Loan Approval Date

5/14/2004

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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 15 employees. The loan application did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

We can help you find the best banks for small businesses in Albuquerque or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Obtaining Funding - How to Decide How Much to Raise

Where to Get an SBA Loan in Albuquerque, New Mexico

Getting a Business Loan in New Mexico