How to Get a Loan for Sales Financing

With these business loans for sales financing, the SBA guarantees the lender that the loan will be repaid. This sales financing loan for $150,000 was given to a Texas entrepreneur in 2004.

This small business knew how to go about getting a business bank loan. Based in Plainview, Texas, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was State National Bank, based in Plainview, Texas.

SBA Loan Borrower

COMPANY TYPE: FARM MACHINERY AND EQUIPMENT
PLAINVIEW, TX 79072

SBA Loan Lender

STATE NATIONAL BANK
2804 OLTON RD
PLAINVIEW, TX 79072

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This small business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3523 - Farm Machinery and Equipment

NAICS Code

522220 - Sales Financing

Loan Approval Date

11/18/2004

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 an existing business. This loan was not for a franchise. At the time of the loan, the company had 13 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to add employees 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.

We can help you find the best banks for small businesses in Plainview or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Business Line of Credit

Best Banks for Small Business in Plainview, Texas

Getting an SBA Loan in Texas