Hobbs, New Mexico Business Gets SBA-Guaranteed Funding from Lea County State Bank

Lea County State Bank has a track record as a leading provider of SBA loans. Find out how this New Mexico entrepreneur received an SBA loan from them.

This small firm received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Lea County State Bank, out of Hobbs, New Mexico. The loan was granted and they received $75,000 to help grow their Hobbs, New Mexico business.

SBA Loan Borrower

COMPANY TYPE: MEDICAL LABORATORIES
HOBBS, NM 88240

SBA Loan Lender

LEA COUNTY STATE BANK
1017 N TURNER
HOBBS, NM 88240

The lender provided this SBA small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

621511 - Medical Laboratories

Loan Approval Date

2/6/2006

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $37,500.

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 21 employees. This SBA loan request indicated that the loan would help generate 4 new jobs and retain 25 existing jobs.

Getting an SBA Loan For Your Business

If you are working on finding money to start a business in Hobbs NM, you ought to talk with a local Hobbs SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Hobbs businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

SBIR Funding

Banks in Hobbs, New Mexico

Getting a Business Loan in New Mexico