Getting an SBA Loan for Title Abstract and Settlement Offices

With these commercial loans for title abstract and settlement offices, the SBA guarantees the lender that the loan will be repaid. This title abstract and settlement offices loan for $1,236,000 was given to a New Mexico entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Las Cruces, New Mexico was able to borrow $1,236,000 from Citizens Bank Of Las Cruces. The SBA made the loan possible by guaranteeing $927,000 of this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: TITLE ABSTRACT AND SETTLEMENT OFFICES
LAS CRUCES, NM 88005

SBA Loan Lender

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

This lender issued this SBA business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started 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

541191 - Title Abstract and Settlement Offices

Loan Approval Date

3/9/2005

Loan Approval Gross Amount

$1,236,000

Loan Approval from the SBA

Of the total $1,236,000 loan amount, the SBA guaranteed $927,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 28 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to 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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

The Art of Bootstrapping

Banks in Las Cruces, New Mexico

SBA Lenders in New Mexico