Grants, New Mexico Business Gets SBA-Guaranteed Funding from Grants State Bank

An SBA loan from Grants State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Grants, New Mexico business owner got a $107,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Grants, New Mexico, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Grants State Bank, based in Grants, New Mexico.

SBA Loan Borrower

COMPANY TYPE: SEPTIC TANK AND RELATED SERVICES
GRANTS, NM 87020

SBA Loan Lender

GRANTS STATE BANK
824 W SANTA FE AVE
GRANTS, NM 87020

This lender issued this commercial loan under the SBA's 7(a) guaranteed loan program, 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.

NAICS Code

562991 - Septic Tank and Related Services

Loan Approval Date

6/26/2003

Loan Approval Gross Amount

$107,000

Loan Approval from the SBA

Of the total $107,000 loan amount, the SBA guaranteed $90,950.

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 2 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, 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.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

Financing Your Business

SBA 7A Lenders in Grants, New Mexico

SBA Lenders in New Mexico