Euless, Texas Entrepreneur Gets a Bank Loan

Looking to get 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 Euless, 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 Wachovia Bank. We've got the inside scoop on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: APPLIANCE REPAIR AND MAINTENANCE
EULESS, TX 76040

SBA Loan Lender

WACHOVIA BANK
150 WESTPARK WAY, STE 130
EULESS, TX 76039

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

811412 - Appliance Repair and Maintenance

Loan Approval Date

1/31/2002

Loan Approval Gross Amount

$57,600

Loan Approval from the SBA

Of the total $57,600 loan amount, the SBA guaranteed $48,960.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Wachovia Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Wachovia Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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

Banks in Euless, Texas

SBA Texas Lenders