Clothing Accessories Stores Bank Loans

With these bank loans for clothing accessories stores, the SBA guarantees the lender that the loan will be repaid. This clothing accessories stores loan for $113,500 was given to a Texas entrepreneur in 2005.

This company knew how to go about getting a business bank loan. Based in Perryton, Texas, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was First National Bank, based in Spearman, Texas.

SBA Loan Borrower

COMPANY TYPE: CLOTHING ACCESSORIES STORES
PERRYTON, TX 79070

SBA Loan Lender

FIRST NATIONAL BANK
729 W 7TH ST
SPEARMAN, TX 79081

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program requires 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

448150 - Clothing Accessories Stores

Loan Approval Date

2/1/2005

Loan Approval Gross Amount

$113,500

Loan Approval from the SBA

Of the total $113,500 loan amount, the SBA guaranteed $96,475.

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 5 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.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like First National Bank and they will explain how you can get an SBA loan for your company.

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:

Obtaining Funding - How to Decide How Much to Raise

SBA Approved Banks in Spearman, Texas

SBA Texas Lenders