Borrowing Money for Support Services

Looking for small business loans for support services? The SBA may be the answer. This $611,100 support services loan was issued by a New Mexico bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Las Cruces, New Mexico was able to borrow $611,100 from Pioneer Bank. The SBA made the loan possible by guaranteeing $458,325 of this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: SUPPORT SERVICES
LAS CRUCES, NM 88005

SBA Loan Lender

PIONEER BANK
306 N PENNSYLVANIA AVE
ROSWELL, NM 88201

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561990 - Support Services

Loan Approval Date

12/12/2007

Loan Approval Gross Amount

$611,100

Loan Approval from the SBA

Of the total $611,100 loan amount, the SBA guaranteed $458,325.

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 12 employees. The loan application indicated that the loan would help generate 3 new jobs and retain 9 existing jobs.

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

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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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Getting an SBA Loan in New Mexico