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May 17, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Frisco, Business Loans > American Bank Of Texas Frisco Business Loans > Family Clothing Stores Loan | ||||
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How to Get SBA Money in Bonham, Texas
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American Bank Of Texas Gives SBA Loan to Family Clothing Stores CompanyWould a Texas bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Texas bank, which offers SBA loans to Texas entrepreneurs. This business, based in Bonham, Texas, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from American Bank Of Texas. We've got the inside scoop on this Texas small business loan. SBA Loan Borrower COMPANY TYPE: FAMILY CLOTHING STORES SBA Loan Lender AMERICAN BANK OF TEXAS This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with borrowing money. The low-doc program requires 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 448140 - Family Clothing Stores Loan Approval Date 4/22/2002 Loan Approval Gross Amount $90,000 Loan Approval from the SBA Of the total $90,000 loan amount, the SBA guaranteed $76,500. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the small business promised to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. American Bank Of Texas had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, American Bank Of Texas made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: SBA 7A Banks for Frisco, Texas Loans
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