Texas Bank Loan Issued to Gasoline Service Stations Company

Bank loans in Texas are tough to come by these days. We take a look at one Texas bank loan, provided by a Massachusetts bank, that was approved by the SBA.

Getting a small business loan in Frisco, Texas was a top priority for this loan applicant back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Lehman Brothers Bank, Fsb. Here are the details on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: GASOLINE SERVICE STATIONS
FRISCO, TX 75034

SBA Loan Lender

LEHMAN BROTHERS BANK, FSB
101 SUMMER ST
BOSTON, MA 02110

This lender issued this bank loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started 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.

SIC Code

5541 - Gasoline Service Stations

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

9/21/2001

Loan Approval Gross Amount

$487,200

Loan Approval from the SBA

Of the total $487,200 loan amount, the SBA guaranteed $365,400.

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 3 employees. This SBA loan request did not indicate that the business planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Lehman Brothers Bank, Fsb and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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