Lovington, New Mexico Lender Lends Money to Limited-Service Restaurants Company

Want to talk with a Lovington, New Mexico bank about an SBA loan? Here's one New Mexico business loan, issued by a Lovington bank, that was approved by the SBA.

Applying for an SBA loan with Western Commerce Bank worked out well for our friends at one local company in Lovington, New Mexico. The business was able to get an SBA loan for $30,300. Great job!

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
LOVINGTON, NM 88260

SBA Loan Lender

WESTERN COMMERCE BANK
18 W ADAMS
LOVINGTON, NM 88260

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

1/3/2003

Loan Approval Gross Amount

$30,300

Loan Approval from the SBA

Of the total $30,300 loan amount, the SBA guaranteed $25,755.

More Information on This SBA Loan

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

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

We can help you find the best banks for small businesses in Lovington or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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