First Community Bank SBA Loan to Furniture Merchant Wholesalers Company

An SBA loan from First Community Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Taos, New Mexico business owner got a $60,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with First Community Bank, out of Taos, New Mexico. The loan was granted and they received $60,000 to help grow their Taos, New Mexico business.

SBA Loan Borrower

COMPANY TYPE: FURNITURE MERCHANT WHOLESALERS
TAOS, NM 87571

SBA Loan Lender

FIRST COMMUNITY BANK
120 W PLAZA
TAOS, NM 87571

This was a Low Documentation SBA loan. The SBA started this program to minimize 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. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423210 - Furniture Merchant Wholesalers

Loan Approval Date

4/14/2004

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $51,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in 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 company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Community Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Obtaining Funding From a Venture Capitalist

Where to Get an SBA Loan in Taos, New Mexico

New Mexico SBA Bank Lenders