SBA Loan from Bank Of America Helps Snack And Nonalcoholic Beverage Bars Company

Bank Of America and the SBA work together to get business loans for growing small businesses. Here's an example of how a New Mexico entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Espanola, New Mexico was an essential business goal for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Bank Of America, operating out of Charlotte, North Carolina. Here are the details on this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: SNACK AND NONALCOHOLIC BEVERAGE BARS
ESPANOLA, NM 87532

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

This commercial loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

8/15/2002

Loan Approval Gross Amount

$23,000

Loan Approval from the SBA

Of the total $23,000 loan amount, the SBA guaranteed $11,500.

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 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of America that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Debt Financing

Small Bank Loans in Charlotte, North Carolina

North Carolina SBA 7A Lenders