Entrepreneur Works With Alamo, Texas Bank to Get an SBA Loan

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

Applying for an SBA loan with The Frost National Bank worked out well for our friends at one local company in Mcallen, Texas. The business was able to get an SBA loan for $30,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
MCALLEN, TX 78501

SBA Loan Lender

THE FROST NATIONAL BANK
809 MAIN ST
ALAMO, TX 78516

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with appliying for an SBA 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

722110 - Full-Service Restaurants

Loan Approval Date

9/3/2004

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

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

Next Steps for Getting an SBA Loan

If you need money to start business in Mcallen TX, you ought to talk with a local Mcallen SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mcallen businesses.

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 $30,000 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.

Related Links:

Accountant's Role in Securing Financing

SBA Participating Banks in Alamo, Texas

Texas SBA 7A Lenders