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December 22, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > Farmington, Business Loans > Four Corners Community Bank Farmington Business Loans > Equipment Rental And Leasing Loan | ||||
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Four Corners Community Bank Business Loan
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SBA Loan from Four Corners Community Bank Helps Equipment Rental And Leasing CompanyAn SBA loan from Four Corners Community Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Farmington, New Mexico business owner got a $100,000 loan. This growing company knew how to go about getting a business bank loan. Based in Farmington, New Mexico, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Four Corners Community Bank, based in Farmington, New Mexico. SBA Loan Borrower COMPANY TYPE: EQUIPMENT RENTAL AND LEASING SBA Loan Lender FOUR CORNERS COMMUNITY BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7359 - Equipment Rental and Leasing NAICS Code 221210 - Natural Gas Distribution Loan Approval Date 10/19/2000 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $80,000. More Information on This SBA Loan The borrower borrowed this money for a new 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 2 employees. The loan application did not indicate that the small business promised to use the money to increase staffing levels 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Find an SBA Lender in Farmington, New Mexico Where to Get an SBA Loan New Mexico
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