SBA Loan from My Bank Helps Commercial Photography Company

My Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one New Mexico entrepreneur who tapped into the power of SBA loans.

This small firm knew how to go about getting a business bank loan. Based in Belen, New Mexico, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was My Bank, based in Belen, New Mexico.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL PHOTOGRAPHY
BELEN, NM 87001

SBA Loan Lender

MY BANK
19339 HWY 85
BELEN, NM 87002

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 SBA loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

541922 - Commercial Photography

Loan Approval Date

1/27/2005

Loan Approval Gross Amount

$185,300

Loan Approval from the SBA

Of the total $185,300 loan amount, the SBA guaranteed $138,975.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the small business planned to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like My Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

A Company That Helps Entrepreneurs

Small Business Banks in Belen, New Mexico

Where to Get an SBA Loan New Mexico