Western Commerce Bank Gives SBA Loan to General Automotive Repair Company

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

You can learn something about getting a small business loan in Carlsbad, New Mexico by studying this loan to a local business, made back in 2005. Banks like Western Commerce Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
CARLSBAD, NM 88220

SBA Loan Lender

WESTERN COMMERCE BANK
127 S CANYON ST
CARLSBAD, NM 88220

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 7A business loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

2/7/2005

Loan Approval Gross Amount

$56,200

Loan Approval from the SBA

Of the total $56,200 loan amount, the SBA guaranteed $47,770.

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 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.

Start the Process for Getting an SBA Loan Today!

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

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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

SBA Participating Banks in Carlsbad, New Mexico

SBA Participating Banks in New Mexico