Where to Get Capital for Family Clothing Stores

Looking for SBA loans for family clothing stores? Talk to a banker who works with the SBA. This $150,000 family clothing stores loan was issued by a Texas bank.

Getting a small business loan in Midland, Texas was important for this business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Security State Bank, operating out of Odessa, Texas. Here are the details on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: FAMILY CLOTHING STORES
MIDLAND, TX 79701

SBA Loan Lender

SECURITY STATE BANK
110 E 7TH ST
ODESSA, TX 79760

This was a Low Documentation SBA loan. The SBA started this program to minimize 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. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

448140 - Family Clothing Stores

Loan Approval Date

6/14/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

This SBA loan was for $150,000. How would you spend $150,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

The Friends and Family Network

Banks in Odessa, Texas

Texas SBA 7A Lenders