Hobbs, New Mexico Entrepreneur Gets an SBA Loan

Small business loans in New Mexico are tough to come by these days. We take a look at one New Mexico small business loan, provided by a New Mexico bank, that was approved by the SBA.

This company, based in Hobbs, New Mexico, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Lea County State Bank. We've got the inside scoop on this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: SUPPORT ACTIVITIES FOR OIL AND GAS OPERATIONS
HOBBS, NM 88240

SBA Loan Lender

LEA COUNTY STATE BANK
1017 N TURNER
HOBBS, NM 88240

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

213112 - Support Activities for Oil and Gas Operations

Loan Approval Date

10/31/2005

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

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 only one employee. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Lea County State Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Business Line of Credit

SBA Banks in Hobbs, New Mexico

SBA New Mexico Lenders