Midland, Texas Business Gets SBA-Guaranteed Funding from Commercial State Bank

An SBA loan from Commercial State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Midland, Texas business owner got a $1,440,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Midland, Texas, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was Commercial State Bank, based in Midland, Texas.

SBA Loan Borrower

COMPANY TYPE: DRILLING OIL AND GAS WELLS
MIDLAND, TX 79705

SBA Loan Lender

COMMERCIAL STATE BANK
300 N 'A' ST
MIDLAND, TX 79701

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1381 - Drilling Oil and Gas Wells

NAICS Code

213111 - Drilling Oil and Gas Wells

Loan Approval Date

3/1/2006

Loan Approval Gross Amount

$1,440,000

Loan Approval from the SBA

Of the total $1,440,000 loan amount, the SBA guaranteed $1,080,000.

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

Start the Process for Getting an SBA Loan Today!

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

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Commercial State Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

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Where to Get an SBA Loan Texas