Commercial Loans for Repossession Services

With these commercial loans for repossession services, the SBA guarantees the lender that the loan will be repaid. This repossession services loan for $14,000 was given to a New Mexico entrepreneur in 2005.

This small business knew how to go about getting a business bank loan. Based in Las Cruces, New Mexico, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Bank Of The Southwest, based in Roswell, New Mexico.

SBA Loan Borrower

COMPANY TYPE: REPOSSESSION SERVICES
LAS CRUCES, NM 88001

SBA Loan Lender

BANK OF THE SOUTHWEST
226 N MAIN ST
ROSWELL, NM 88202

This lender processed this loan for a small business under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

561491 - Repossession Services

Loan Approval Date

6/3/2005

Loan Approval Gross Amount

$14,000

Loan Approval from the SBA

Of the total $14,000 loan amount, the SBA guaranteed $7,000.

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 only one employee. The SBA loan documents indicated that the loan would help retain 1 existing job.

Getting an SBA Loan For Your 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 Bank Of The Southwest 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:

Equity Financing

SBA 7A Banks in Roswell, New Mexico

New Mexico SBA 7A Lenders