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December 18, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Odessa, Business Loans > Southwest Bank Odessa Business Loans > Oil And Gas Field Machinery And Equipment Manufacturing Loan | ||||
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Odessa Bank Loan
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Odessa, Texas Bank Gives SBA Loan to Oil And Gas Field Machinery And Equipment Manufacturing CompanyFind Odessa, Texas banks that specialize in small business loans and know how to work with entrepreneurs. Southwest Bank is one such bank, as evidenced by this SBA loan to one business. Finding a small business loan in Odessa, Texas starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Southwest Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: OIL AND GAS FIELD MACHINERY AND EQUIPMENT MANUFACTURING SBA Loan Lender SOUTHWEST BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 333132 - Oil and Gas Field Machinery and Equipment Manufacturing Loan Approval Date 6/18/2003 Loan Approval Gross Amount $523,000 Loan Approval from the SBA Of the total $523,000 loan amount, the SBA guaranteed $392,250. More Information on This SBA Loan The borrower borrowed this money for an existing 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 25 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 25 existing jobs. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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 Southwest 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: Best Banks for Small Business in Odessa, Texas
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