Entrepreneur Works With Prosper, Texas Bank to Get an SBA Loan

Thinking about meeting with a Prosper, Texas bank about an SBA loan? Here's one Texas business loan, issued by a Prosper bank, that was approved by the SBA.

Applying for an SBA loan with Prosper Bank worked out well for our friends at one local firm in Dallas, Texas. The business was able to get an SBA loan for $309,200. Awesome!

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
DALLAS, TX 75229

SBA Loan Lender

PROSPER BANK
805 E 1ST ST
PROSPER, TX 75078

This lender issued this SBA loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/18/2006

Loan Approval Gross Amount

$309,200

Loan Approval from the SBA

Of the total $309,200 loan amount, the SBA guaranteed $231,900.

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 32 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

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

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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 Prosper 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:

504 Loans

Who Lends Money to Small Businesses in Prosper, Texas

Getting an SBA Loan in Texas