Growing Company Gets a New Mexico Business Loan

Searching for a New Mexico bank loan? This New Mexico entrepreneur got a bank loan, provided by a New Mexico bank that works with the SBA to help small business owners.

Getting a small business loan in Albuquerque, New Mexico was a top priority for this loan applicant back in 2004 and, based on their loan application, they were successful in getting an SBA loan from First Community Bank. Here are the details on this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: WATER SUPPLY AND IRRIGATION SYSTEMS
ALBUQUERQUE, NM 87114

SBA Loan Lender

FIRST COMMUNITY BANK
120 W PLAZA
TAOS, NM 87571

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

221310 - Water Supply and Irrigation Systems

Loan Approval Date

10/4/2004

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $12,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request indicated that the funding would help create 2 new jobs.

Great, But How Can I Get an SBA Loan for My 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Community Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Community Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

504 Loans

Where to Get an SBA Loan in Taos, New Mexico

New Mexico SBA Banks