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May 19, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > Hobbs, Business Loans > Lea County State Bank Hobbs Business Loans > Retail Stores Loan | ||||
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New Mexico Bank SBA Loans
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Lea County State Bank SBA Loan to Retail Stores CompanyWant a New Mexico SBA loan? Here's one New Mexico business loan that was approved by the SBA. This local small business knew how to go about getting a business bank loan. Based in Hobbs, New Mexico, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was Lea County State Bank, based in Hobbs, New Mexico. SBA Loan Borrower COMPANY TYPE: RETAIL STORES SBA Loan Lender LEA COUNTY STATE BANK This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5999 - Retail Stores Loan Approval Date 3/10/2000 Loan Approval Gross Amount $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $20,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? 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. We can help you find the best banks for small businesses in Hobbs or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success. 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: Microlending as a Small Business Funding Source Where to Get an SBA Loan in Hobbs, New Mexico
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