SBA Loan from Lea County State Bank Helps Local Trucking Without Storage Company

Lea County State Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a New Mexico entrepreneur was able to get a loan to take a small business to the next level.

This growing company knew how to go about getting a business bank loan. Based in Hobbs, New Mexico, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Lea County State Bank, based in Hobbs, New Mexico.

SBA Loan Borrower

COMPANY TYPE: LOCAL TRUCKING WITHOUT STORAGE
HOBBS, NM 88240

SBA Loan Lender

LEA COUNTY STATE BANK
1017 N TURNER
HOBBS, NM 88240

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

4212 - Local Trucking Without Storage

Loan Approval Date

4/7/2000

Loan Approval Gross Amount

$68,000

Loan Approval from the SBA

Of the total $68,000 loan amount, the SBA guaranteed $54,400.

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 10 employees. The SBA loan documents did not indicate that the company planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

This SBA loan was for $68,000. How would you spend $68,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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

SBA Approved Banks in Hobbs, New Mexico

SBA Participating Banks in New Mexico