Entrepreneur Works With Las Cruces, New Mexico Bank to Get an SBA Loan

Get to know Las Cruces, New Mexico banks that specialize in SBA loans and know how to work with entrepreneurs. First New Mexico Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Las Cruces, New Mexico starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from First New Mexico Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: BUSINESS SERVICE CENTERS
LAS CRUCES, NM 88005

SBA Loan Lender

FIRST NEW MEXICO BANK
3000 E LOHMAN
LAS CRUCES, NM 88011

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561439 - Business Service Centers

Loan Approval Date

8/23/2001

Loan Approval Gross Amount

$90,000

Loan Approval from the SBA

Of the total $90,000 loan amount, the SBA guaranteed $76,500.

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 2 employees. The SBA loan documents did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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.

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