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November 21, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > Albuquerque, Business Loans > New Mexico Bank & Trust Albuquerque Business Loans > Sporting Goods Stores Loan | ||||
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Getting a Commercial Loan from New Mexico Bank & Trust
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New Mexico Bank & Trust SBA Loan to Sporting Goods Stores CompanyAn 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 $50,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Albuquerque, New Mexico was able to borrow $50,000 from New Mexico Bank & Trust. The SBA made the loan possible by guaranteeing $25,000 of this New Mexico small business loan. SBA Loan Borrower COMPANY TYPE: SPORTING GOODS STORES SBA Loan Lender NEW MEXICO BANK & TRUST 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 451110 - Sporting Goods Stores Loan Approval Date 3/28/2006 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. 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 7 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 7 existing jobs. Getting an SBA Loan For Your Business Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like New Mexico Bank & Trust are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Small Business Banks in Albuquerque, New Mexico
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