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November 15, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > Albuquerque, Business Loans > Charter Bank Albuquerque Business Loans > Tobacco Stores And Stands Loan | ||||
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Charter Bank Rio Rancho, New Mexico
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Charter Bank SBA Loan to Tobacco Stores And Stands CompanyAn SBA loan from Charter Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Rio Rancho, New Mexico business owner got a $110,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Rio Rancho, New Mexico was able to borrow $110,000 from Charter Bank. The SBA made the loan possible by guaranteeing $82,500 of this New Mexico small business loan. SBA Loan Borrower COMPANY TYPE: TOBACCO STORES AND STANDS SBA Loan Lender CHARTER BANK This lender issued this particular 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. SIC Code 5993 - Tobacco Stores and Stands NAICS Code 453991 - Tobacco Stores Loan Approval Date 3/17/2000 Loan Approval Gross Amount $110,000 Loan Approval from the SBA Of the total $110,000 loan amount, the SBA guaranteed $82,500. 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. This SBA loan request 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 provide money to small business owners for working capital for other expenses. 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: A Company That Helps Entrepreneurs Best Albuquerque, New Mexico Banks for Small Business
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