First Community Bank SBA Loan to Satellite Telecommunications Company

First Community Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Utah entrepreneur was able to get a loan to take a small business to the next level.

This business knew how to go about getting a business bank loan. Based in Salt Lake City, Utah, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was First Community Bank, based in Taos, New Mexico.

SBA Loan Borrower

COMPANY TYPE: SATELLITE TELECOMMUNICATIONS
SALT LAKE CITY, UT 84119

SBA Loan Lender

FIRST COMMUNITY BANK
120 W PLAZA
TAOS, NM 87571

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

513340 - Satellite Telecommunications

Loan Approval Date

6/17/2004

Loan Approval Gross Amount

$178,000

Loan Approval from the SBA

Of the total $178,000 loan amount, the SBA guaranteed $133,500.

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 4 employees. The loan application indicated that the loan would help retain 4 existing jobs.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First Community Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Startup Funding Tip

Small Business Banks in Taos, New Mexico

Getting an SBA Loan in New Mexico