Bank Loans for Personal and Household Goods Repair and Maintenance

Looking for bank loans for personal and household goods repair and maintenance? Try the SBA. This $90,000 personal and household goods repair and maintenance loan was issued by a Texas bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lubbock, Texas was able to borrow $90,000 from Herring Bank. The SBA made the loan possible by guaranteeing $76,500 of this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: PERSONAL AND HOUSEHOLD GOODS REPAIR AND MAINTENANCE
LUBBOCK, TX 79414

SBA Loan Lender

HERRING BANK
2500 S COULTER ST, STE 123
AMARILLO, TX 79106

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811490 - Personal and Household Goods Repair and Maintenance

Loan Approval Date

4/9/2002

Loan Approval Gross Amount

$90,000

Loan Approval from the SBA

Of the total $90,000 loan amount, the SBA guaranteed $76,500.

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 14 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Herring Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Herring Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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