New Mexico SBA Loan Issued to Prepared Flour Mixes And Doughs Company

New MexicoBank loans are available to New Mexico firms through the SBA. In this case, a New Mexico bank provides the loan.

This business, based in Mayhill, New Mexico, 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 Western Commerce Bank. We've got the inside scoop on this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: PREPARED FLOUR MIXES AND DOUGHS
MAYHILL, NM 88339

SBA Loan Lender

WESTERN COMMERCE BANK
127 S CANYON ST
CARLSBAD, NM 88220

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2045 - Prepared Flour Mixes and Doughs

NAICS Code

311822 - Flour Mixes and Dough Manufacturing

Loan Approval Date

6/27/2000

Loan Approval Gross Amount

$10,000

Loan Approval from the SBA

Of the total $10,000 loan amount, the SBA guaranteed $8,000.

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 2 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $10,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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