Lubbock, Texas Entrepreneur Gets a Bank Loan

TexasSmall business loans are available to Texas small business owners through the SBA. In this case, a Texas bank provides the loan.

This business, based in Lubbock, Texas, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Lubbock National Bank. We've got the inside scoop on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: VENDING MACHINE OPERATORS
LUBBOCK, TX 79404

SBA Loan Lender

LUBBOCK NATIONAL BANK
4811 50TH ST
LUBBOCK, TX 79414

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

454210 - Vending Machine Operators

Loan Approval Date

4/19/2005

Loan Approval Gross Amount

$370,000

Loan Approval from the SBA

Of the total $370,000 loan amount, the SBA guaranteed $277,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. The SBA loan application for the borrower indicated that the loan would help retain 10 existing jobs.

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

If you are wondering how to raise money for a company in Lubbock TX, you ought to talk with a local Lubbock SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lubbock businesses.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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