El Paso, Texas Entrepreneur Gets a Small Business Loan

Bank loans in Texas are hard to find these days. We take a look at one Texas bank loan, provided by a South Dakota bank, that was approved by the SBA.

By giving the right information to First Savings Bank, this El Paso, Texas business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: SINGLE-FAMILY HOUSING CONSTRUCTION
EL PASO, TX 79901

SBA Loan Lender

FIRST SAVINGS BANK
201 N 3RD ST
BERESFORD, SD 57004

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA small business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1521 - Single-Family Housing Construction

NAICS Code

233210 - Single Family Housing Construction

Loan Approval Date

6/7/2001

Loan Approval Gross Amount

$1,000,000

Loan Approval from the SBA

Of the total $1,000,000 loan amount, the SBA guaranteed $750,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The loan application did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $1,000,000 loan. Remember, anyone can do it... so why not you?

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:

Equity Financing

Where to Get an SBA Loan in Beresford, South Dakota

Getting a Business Loan in South Dakota