Houston, Texas Business Gets SBA-Guaranteed Funding from Wachovia Bank

Wachovia Bank has a track record as a leading provider of SBA loans. Find out how this Texas entrepreneur received an SBA loan from them.

Getting a small business loan in Houston, Texas was an essential business goal for this company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Wachovia Bank, operating out of La Porte, Texas. Here are the details on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING PLANTS
HOUSTON, TX 77040

SBA Loan Lender

WACHOVIA BANK
1001 HWY 146 SOUTH
LA PORTE, TX 77571

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7216 - Drycleaning Plants

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

8/17/2000

Loan Approval Gross Amount

$1,048,000

Loan Approval from the SBA

Of the total $1,048,000 loan amount, the SBA guaranteed $749,990.

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 only one employee. The loan application indicated that the borrowed money would help generate 6 new jobs.

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.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Wachovia Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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