First State Bancorporation SBA Loan to No Industry Type Specified Company

Want a New Mexico SBA loan? Here's one New Mexico business loan that was approved by the SBA.

This small business needed an SBA business loan in Albuquemque, New Mexico back in 2002 and, after submitting their loan application, they were successful in getting an SBA loan from First State Bancorporation, operating out of Albuquerque, New Mexico. Here are the details on this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: NO INDUSTRY TYPE SPECIFIED
ALBUQUEMQUE, NM 87113

SBA Loan Lender

FIRST STATE BANCORPORATION
7900 JEFFERSON NE
ALBUQUERQUE, NM 87109

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

421310 -

Loan Approval Date

5/7/2002

Loan Approval Gross Amount

$147,300

Loan Approval from the SBA

Of the total $147,300 loan amount, the SBA guaranteed $125,205.

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 50 employees. This SBA loan request did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First State Bancorporation and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

The Friends and Family Network

Small Bank Loans in Albuquerque, New Mexico

SBA New Mexico Lenders