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May 16, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > Farmington, Business Loans > The Citizens Bank Farmington Business Loans > Hardware Loan | ||||
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The Citizens Bank
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Farmington, New Mexico Business Gets SBA-Guaranteed Funding from The Citizens BankThe Citizens Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a New Mexico entrepreneur was able to get a loan to take a small business to the next level. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Farmington, New Mexico was able to borrow $73,300 from The Citizens Bank. The SBA made the loan possible by guaranteeing $58,640 of this New Mexico small business loan. SBA Loan Borrower COMPANY TYPE: HARDWARE SBA Loan Lender THE CITIZENS BANK 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. SIC Code 5072 - Hardware Loan Approval Date 9/6/2000 Loan Approval Gross Amount $73,300 Loan Approval from the SBA Of the total $73,300 loan amount, the SBA guaranteed $58,640. More Information on This SBA Loan The borrower borrowed this money for an existing 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 6 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: Who Lends Money to Small Businesses in Farmington, New Mexico
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