Raising Money for Electric Housewares and Household Fan Manufacturing

With these business loans for electric housewares and household fan manufacturing, the SBA guarantees the lender that the loan will be repaid. This electric housewares and household fan manufacturing loan for $137,500 was given to a New Mexico entrepreneur in 2003.

This business knew how to go about getting a business bank loan. Based in Raton, New Mexico, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was International Bank, based in Raton, New Mexico.

SBA Loan Borrower

COMPANY TYPE: ELECTRIC HOUSEWARES AND HOUSEHOLD FAN MANUFACTURING
RATON, NM 87740

SBA Loan Lender

INTERNATIONAL BANK
200 S 2ND ST
RATON, NM 87740

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

335211 - Electric Housewares and Household Fan Manufacturing

Loan Approval Date

7/16/2003

Loan Approval Gross Amount

$137,500

Loan Approval from the SBA

Of the total $137,500 loan amount, the SBA guaranteed $116,875.

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 6 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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:

How to Raise Money

SBA Approved Banks in Raton, New Mexico

Getting an SBA Loan in New Mexico