How to Get a Loan for Linen Supply

Looking for business loans for linen supply? Try the SBA. This $136,873 linen supply loan was issued by a New Mexico bank.

This small business knew how to go about getting a business bank loan. Based in Portales, New Mexico, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was James Polk Stone National Bank, based in Clovis, New Mexico.

SBA Loan Borrower

COMPANY TYPE: LINEN SUPPLY
PORTALES, NM 88130

SBA Loan Lender

JAMES POLK STONE NATIONAL BANK
901 COLONIAL PKWY
CLOVIS, NM 88101

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812331 - Linen Supply

Loan Approval Date

3/4/2003

Loan Approval Gross Amount

$136,873

Loan Approval from the SBA

Of the total $136,873 loan amount, the SBA guaranteed $116,342.

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 2 employees. The loan application did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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.

Related Links:

Advice on Getting a Small Business Loan

SBA Banks in Clovis, New Mexico

Find an SBA Lender in New Mexico