Financing for Nursing Care Facilities

With these commercial loans for nursing care facilities, the SBA guarantees the lender that the loan will be repaid. This nursing care facilities loan for $212,500 was given to a Texas entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lubbock, Texas was able to borrow $212,500 from Plainscapital Bank. The SBA made the loan possible by guaranteeing $159,375 of this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: SKILLED NURSING CARE FACILITIES
LUBBOCK, TX 79403

SBA Loan Lender

PLAINSCAPITAL BANK
5010 UNIVERSITY AVE
LUBBOCK, TX 79413

This lender issued this 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.

SIC Code

8051 - Skilled Nursing Care Facilities

NAICS Code

623110 - Nursing Care Facilities

Loan Approval Date

4/17/2002

Loan Approval Gross Amount

$212,500

Loan Approval from the SBA

Of the total $212,500 loan amount, the SBA guaranteed $159,375.

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 5 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Plainscapital Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Plainscapital 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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