Texas Bank Loan Issued to Insurance Agencies And Brokerages Company

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

This company, based in Coleman, 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 First Coleman National Bank. We've got the inside scoop on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: INSURANCE AGENCIES AND BROKERAGES
COLEMAN, TX 76834

SBA Loan Lender

FIRST COLEMAN NATIONAL BANK
100 COMMERCIAL AVE
COLEMAN, TX 76834

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

524210 - Insurance Agencies and Brokerages

Loan Approval Date

12/5/2000

Loan Approval Gross Amount

$38,400

Loan Approval from the SBA

Of the total $38,400 loan amount, the SBA guaranteed $30,720.

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. The loan application did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

If you are working on finding money to start a business in Coleman TX, you ought to talk with a local Coleman SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Coleman businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Coleman National Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

The Art of Bootstrapping

SBA Approved Banks in Coleman, Texas

SBA Lenders in Texas