First New Mexico Bank Las Cruces Provides SBA Loan to Buy Gotcha Covered Franchise

Need a loan to invest in a Gotcha Covered franchise? First New Mexico Bank Las Cruces has a history of making these loans and they are guaranteed by the SBA.

Gotcha Covered franchise loans are available to Las Cruces, New Mexico entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, First New Mexico Bank Las Cruces, based in Las Cruces, New Mexico, issued an SBA franchise loan for a Gotcha Covered franchise in 2004. We've got all the details on this New Mexico small business loan.

SBA Loan Borrower

GOTCHA COVERED
LAS CRUCES, NM 88012

SBA Loan Lender

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

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238350 - Finish Carpentry Contractors

Loan Approval Date

4/23/2004

Loan Approval Gross Amount

$26,000

Loan Approval from the SBA

Of the total $26,000 loan amount, the SBA guaranteed $22,100.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Gotcha Covered franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the SBA funding recipient 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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SBA 7A Lenders in Las Cruces, New Mexico

Getting an SBA Loan in New Mexico