Business Loan from Bank Of The Southwest Given to Information Services Company

Bank Of The Southwest has a track record as a leading provider of SBA loans. Find out how this New Mexico entrepreneur received an SBA loan from them.

This business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Bank Of The Southwest, out of Farmington, New Mexico. The loan was granted and they received $75,000 to help grow their Farmington, New Mexico business.

SBA Loan Borrower

COMPANY TYPE: INFORMATION SERVICES
FARMINGTON, NM 87401

SBA Loan Lender

BANK OF THE SOUTHWEST
320 W MAIN ST
FARMINGTON, NM 87401

This lender issued this small business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

519190 - Information Services

Loan Approval Date

11/9/2005

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

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 only one employee. The SBA loan application for the borrower did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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

SBA 7A Banks for Farmington, New Mexico Loans

SBA Participating Banks in New Mexico