Austin, Texas Lender Lends Money to Tax Preparation Services Company

Thinking about meeting with an Austin, Texas bank about a small business loan? Here's one Texas business loan, issued by an Austin bank, that was approved by the SBA.

Applying for an SBA loan with American Bank Of Commerce worked out well for our friends at one local company in Austin, Texas. They received an SBA loan for $82,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: TAX PREPARATION SERVICES
AUSTIN, TX 78754

SBA Loan Lender

AMERICAN BANK OF COMMERCE
2243 W BRAKER LN
AUSTIN, TX 78758

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

541213 - Tax Preparation Services

Loan Approval Date

8/20/2001

Loan Approval Gross Amount

$82,000

Loan Approval from the SBA

Of the total $82,000 loan amount, the SBA guaranteed $69,700.

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 6 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

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

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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 American Bank Of Commerce 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.

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