Firstbank Southwest Gives Small Business Loan to Garment Pressing And Cleaners Agents For Laundries Company

Would a Texas bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Texas bank, which offers SBA loans to Texas entrepreneurs.

This company, based in Amarillo, Texas, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Firstbank Southwest. We've got the inside scoop on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: GARMENT PRESSING AND CLEANERS AGENTS FOR LAUNDRIES
AMARILLO, TX 79109

SBA Loan Lender

FIRSTBANK SOUTHWEST
2401 GEORGIA ST
AMARILLO, TX 79109

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide bank loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7212 - Garment Pressing and Cleaners Agents for Laundries

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

7/15/2005

Loan Approval Gross Amount

$390,000

Loan Approval from the SBA

Of the total $390,000 loan amount, the SBA guaranteed $292,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 14 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $390,000 loan. Remember, anyone can do it... so why not 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:

Obtaining Funding - Friends and Family

SBA Approved Banks in Amarillo, Texas

SBA Participating Banks in Texas