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April 29, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Houston, Business Loans > 1st Choice Bank Houston Business Loans > Full-Service Restaurants Loan | ||||
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Pasadena, Texas Bank Loan
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Growing Company Gets a Texas Small Business LoanTexasBank loans are available to Texas firms through the SBA. In this case, a Texas bank provides the loan. This business, based in Pasadena, 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 1st Choice Bank. We've got the inside scoop on this Texas small business loan. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender 1ST CHOICE BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 8/1/2006 Loan Approval Gross Amount $95,000 Loan Approval from the SBA Of the total $95,000 loan amount, the SBA guaranteed $47,500. 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 14 employees. The loan application indicated that the loan would help create 14 new jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide money to small business owners for working capital for other expenses. While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Banking Deregulation's Effects on Entrepreneurship Best Banks for Small Business in Houston, Texas
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