Lone Star National Bank Gives Bank Loan to Junior Colleges And Technical Institutes Company

Business loans in Texas are hard to find these days. We take a look at one Texas business loan, provided by a Texas bank, that was approved by the SBA.

Getting a small business loan in Weslaco, Texas was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Lone Star National Bank. Here are the details on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: JUNIOR COLLEGES AND TECHNICAL INSTITUTES
WESLACO, TX 78596

SBA Loan Lender

LONE STAR NATIONAL BANK
100 W FERGUSON
PHARR, TX 78577

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8222 - Junior Colleges and Technical Institutes

NAICS Code

611210 - Junior Colleges

Loan Approval Date

3/8/2002

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $187,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Lone Star National 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.

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