New Mexico Bank & Trust Gives Small Business Loan to Mining Machinery And Equipment Manufacturing Company

Want a New Mexico bank loan? This New Mexico entrepreneur got a bank loan, provided by a New Mexico bank that works with the SBA to help small business owners.

This small business, based in Portales, New Mexico, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from New Mexico Bank & Trust. We've got the inside scoop on this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: MINING MACHINERY AND EQUIPMENT MANUFACTURING
PORTALES, NM 88130

SBA Loan Lender

NEW MEXICO BANK & TRUST
320 GOLD SW
ALBUQUERQUE, NM 87102

This lender issued this loan for a small business under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333131 - Mining Machinery and Equipment Manufacturing

Loan Approval Date

9/10/2002

Loan Approval Gross Amount

$233,980

Loan Approval from the SBA

Of the total $233,980 loan amount, the SBA guaranteed $175,485.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Portales NM, you ought to talk with a local Portales SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Portales businesses.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

The Friends and Family Network

Best Banks for Small Business in Albuquerque, New Mexico

SBA Participating Banks in New Mexico