Mercedes, Texas Bank Lends Money to Instrument Manufacturing For Measuring And Testing Electric Devices Company in Mission, Texas

Find Mercedes, Texas banks that specialize in SBA loans and know how to work with entrepreneurs. Texas National Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Mission, Texas starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Texas National Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: INSTRUMENT MANUFACTURING FOR MEASURING AND TESTING ELECTRIC DEVICES
MISSION, TX 78504

SBA Loan Lender

TEXAS NATIONAL BANK
201 S TEXAS AVE
MERCEDES, TX 78570

This was a Low Documentation SBA loan. The SBA launched this program to limit 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. 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

334515 - Instrument Manufacturing for Measuring and Testing Electric Devices

Loan Approval Date

12/5/2002

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 loan application did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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