Bank Loans for Fine Arts Schools

With these bank loans for fine arts schools, the SBA guarantees the lender that the loan will be repaid. This fine arts schools loan for $100,000 was given to a New Mexico entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hobbs, New Mexico was able to borrow $100,000 from The First National Bank. The SBA made the loan possible by guaranteeing $85,000 of this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: FINE ARTS SCHOOLS
HOBBS, NM 88240

SBA Loan Lender

THE FIRST NATIONAL BANK
600 W BENDER
HOBBS, NM 88240

This lender issued this particular 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

611610 - Fine Arts Schools

Loan Approval Date

2/26/2002

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like The First National Bank and they will explain how you can get an SBA loan for your company.

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:

Alternative Financing

SBA Participating Banks in Hobbs, New Mexico

Getting an SBA Loan in New Mexico