Financing for Household Appliance Stores

With these loans for household appliance stores, the SBA guarantees the lender that the loan will be repaid. This household appliance stores loan for $65,000 was given to a New Mexico entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Farmington, New Mexico was able to borrow $65,000 from The Citizens Bank. The SBA made the loan possible by guaranteeing $55,250 of this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: HOUSEHOLD APPLIANCE STORES
FARMINGTON, NM 87402

SBA Loan Lender

THE CITIZENS BANK
500 W BROADWAY
FARMINGTON, NM 87401

This lender issued this particular SBA business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

443111 - Household Appliance Stores

Loan Approval Date

12/30/2003

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the business promised to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like The Citizens Bank 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:

Determining Proper Capital Structure for a Business

Who Lends Money to Small Businesses in Farmington, New Mexico

New Mexico SBA Banks