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November 15, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > Hobbs, Business Loans > Lea County State Bank Hobbs Business Loans > Support Activities For Oil And Gas Operations Loan | ||||
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Get an SBA Loan from Lea County State Bank
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Business Loan from Lea County State Bank Given to Support Activities For Oil And Gas Operations CompanyLea 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. Getting a small business loan in Hobbs, New Mexico was an essential business goal for this company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Lea County State Bank, operating out of Hobbs, New Mexico. Here are the details on this New Mexico small business loan. SBA Loan Borrower COMPANY TYPE: SUPPORT ACTIVITIES FOR OIL AND GAS OPERATIONS SBA Loan Lender LEA COUNTY STATE BANK 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 11/16/2006 Loan Approval Gross Amount $600,000 Loan Approval from the SBA Of the total $600,000 loan amount, the SBA guaranteed $450,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 37 employees. The SBA loan application for the borrower indicated that the loan would help retain 37 existing jobs. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. 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: SBA Banks in Hobbs, New Mexico
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