Tempe, Arizona Bank Lends Money to Recyclable Material Wholesalers Company in Phoenix, Arizona

Thinking about meeting with a Tempe, Arizona bank about a business loan? Here's one Arizona business loan, issued by a Tempe bank, that was approved by the SBA.

Applying for an SBA loan with Bank Of The Southwest worked out well for our friends at one local firm in Phoenix, Arizona. The business was able to get an SBA loan for $90,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: RECYCLABLE MATERIAL WHOLESALERS
PHOENIX, AZ 85071

SBA Loan Lender

BANK OF THE SOUTHWEST
7910 S KYRENE RD, STE 108
TEMPE, AZ 85284

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

421930 - Recyclable Material Wholesalers

Loan Approval Date

2/24/2003

Loan Approval Gross Amount

$90,000

Loan Approval from the SBA

Of the total $90,000 loan amount, the SBA guaranteed $76,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 15 employees. This SBA loan request did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Bank Of The Southwest so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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