Cypress, Texas Business Gets SBA-Guaranteed Funding from Sterling Bank

Sterling Bank has a track record as a leading provider of SBA loans. Find out how this Texas entrepreneur received an SBA loan from them.

This growing company knew how to go about getting a business bank loan. Based in Cypress, Texas, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Sterling Bank, based in Humble, Texas.

SBA Loan Borrower

COMPANY TYPE: EMPLOYEE LEASING SERVICES
CYPRESS, TX 77429

SBA Loan Lender

STERLING BANK
8450 FM 1960 BY-PASS RD WEST
HUMBLE, TX 77338

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561330 - Employee Leasing Services

Loan Approval Date

6/22/2005

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 10 employees. The SBA loan documents did not indicate that the business planned to use the funding to add employees or retain any existing employees.

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

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

This SBA loan was for $150,000. How would you spend $150,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Business Line of Credit

SBA 7A Banks for Humble, Texas Loans

Getting an SBA Loan in Texas