Getting an SBA Loan for Roofing, Siding, and Sheet Metal Contractors

With these commercial loans for roofing, siding, and sheet metal contractors, the SBA guarantees the lender that the loan will be repaid. This roofing, siding, and sheet metal contractors loan for $100,000 was given to a New Mexico entrepreneur in 2001.

This 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 2001. The lending bank was Citizens Bank Of Las Cruces, based in Las Cruces, New Mexico.

SBA Loan Borrower

COMPANY TYPE: ROOFING, SIDING, AND SHEET METAL CONTRACTORS
LAS CRUCES, NM 88011

SBA Loan Lender

CITIZENS BANK OF LAS CRUCES
505 S MAIN ST, LORETTO CTR #5
LAS CRUCES, NM 88001

This lender issued this bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

235610 - Roofing, Siding, and Sheet Metal Contractors

Loan Approval Date

3/26/2001

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $75,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 19 employees. The SBA loan documents did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to find money to start a business or need money for an existing business, an SBA loan can be a great source of funding.

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.

Related Links:

Role of Business Plan When Raising Money

Small Business Banks in Las Cruces, New Mexico

SBA Lenders in New Mexico