Local Business Gets a Texas Business Loan

Business loans in Texas are are few and far betweeen these days. We take a look at one Texas business loan, provided by a Texas bank, that was approved by the SBA.

Getting a small business loan in Austin, Texas was a top priority for this SBA-financed company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Omnibank, National Association. Here are the details on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
AUSTIN, TX 78751

SBA Loan Lender

OMNIBANK, NATIONAL ASSOCIATION
4328 OLD SPANISH TRL
HOUSTON, TX 77021

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

722110 - Full-Service Restaurants

Loan Approval Date

12/18/2007

Loan Approval Gross Amount

$474,300

Loan Approval from the SBA

Of the total $474,300 loan amount, the SBA guaranteed $355,725.

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 3 employees. The loan application indicated that the funding would help generate 30 new jobs.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Advice on Getting a Small Business Loan

Who Lends Money to Small Businesses in Houston, Texas

Getting an SBA Loan in Texas