Hobbs, New Mexico Entrepreneur Gets a Business Loan

New MexicoSmall business loans are available to New Mexico small business owners through the SBA. In this case, a California bank provides the loan.

This business, 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 Wells Fargo Bank. We've got the inside scoop on this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: TIRE AND TUBE MERCHANT WHOLESALERS
HOBBS, NM 88240

SBA Loan Lender

WELLS FARGO BANK
121 PARK CENTER PLZ
SAN JOSE, CA 95113

This lender provides SBA loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423130 - Tire and Tube Merchant Wholesalers

Loan Approval Date

9/13/2005

Loan Approval Gross Amount

$1,068,000

Loan Approval from the SBA

Of the total $1,068,000 loan amount, the SBA guaranteed $801,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 15 employees. This SBA loan request indicated that the loan would help generate 18 new jobs and retain 15 existing jobs.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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.

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