1st National Bank - New Mexico SBA Loan to General Automotive Repair Company

1st National Bank - New Mexico and the SBA work together to get business loans for growing small businesses. Here's an example of how a New Mexico entrepreneur was able to get a loan to take a small business to the next level.

This small firm knew how to go about getting a business bank loan. Based in Raton, New Mexico, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was 1st National Bank - New Mexico, based in Raton, New Mexico.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
RATON, NM 87740

SBA Loan Lender

1ST NATIONAL BANK - NEW MEXICO
1104 S 2ND ST
RATON, NM 87740

This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

7/16/2001

Loan Approval Gross Amount

$49,080

Loan Approval from the SBA

Of the total $49,080 loan amount, the SBA guaranteed $41,718.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $49,080 loan. Remember, if it to be, it is up to me!

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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