SBA Loan from Bank Of The Southwest Helps Retail Bakeries Company

An SBA loan from Bank Of The Southwest 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 $361,000 loan.

Getting a small business loan in Farmington, New Mexico was an essential business goal for this small business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Bank Of The Southwest, operating out of Roswell, New Mexico. Here are the details on this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: RETAIL BAKERIES
FARMINGTON, NM 87402

SBA Loan Lender

BANK OF THE SOUTHWEST
226 N MAIN ST
ROSWELL, NM 88202

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

311811 - Retail Bakeries

Loan Approval Date

11/4/2003

Loan Approval Gross Amount

$361,000

Loan Approval from the SBA

Of the total $361,000 loan amount, the SBA guaranteed $270,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the borrowed money would help create 3 new jobs.

Next Steps for Getting an SBA Loan

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bank Of The Southwest had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank Of The Southwest 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:

Small Business Loan

Best Banks in Roswell, New Mexico

Getting an SBA Loan in New Mexico