Las Cruces, New Mexico Entrepreneur Gets a Business Loan

Would a New Mexico business loan help your company expand? If so, you may want to talk with this New Mexico bank, which offers SBA loans to New Mexico entrepreneurs.

This small business, based in Las Cruces, 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 First New Mexico Bank Las Cruces. We've got the inside scoop on this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
LAS CRUCES, NM 88004

SBA Loan Lender

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

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

8/1/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

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 loan application did not indicate that the small business planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We've showcased information on this loan to let you know that businesses like yours 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.

Related Links:

Bank Credit Lines

SBA 7A Banks for Las Cruces, New Mexico Loans

SBA New Mexico Banks