Las Cruces, New Mexico Business Gets SBA-Guaranteed Funding from The First National Bank

An SBA loan from The First National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Las Cruces, New Mexico business owner got a $30,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with The First National Bank, out of Artesia, New Mexico. The loan was granted and they received $30,000 to help grow their Las Cruces, New Mexico business.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
LAS CRUCES, NM 88005

SBA Loan Lender

THE FIRST NATIONAL BANK
303 W MAIN ST
ARTESIA, NM 88211

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

9/15/2004

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

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

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into The First National Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

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Small Business Banks in Artesia, New Mexico

SBA Lenders in New Mexico