First Community Bank SBA Loan to No Industry Type Specified Company

Looking to get a Texas small business loan? Here's one Texas business loan that was approved by the SBA.

This up and coming company knew how to go about getting a business bank loan. Based in Portland, Texas, they applied for and were given an SBA-guaranteed loan in 2006. The lending bank was First Community Bank, based in Corpus Christi, Texas.

SBA Loan Borrower

COMPANY TYPE: NO INDUSTRY TYPE SPECIFIED
PORTLAND, TX 78390

SBA Loan Lender

FIRST COMMUNITY BANK
416 N WATER ST
CORPUS CHRISTI, TX 78401

This lender issued this business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

518111 -

Loan Approval Date

8/3/2006

Loan Approval Gross Amount

$122,000

Loan Approval from the SBA

Of the total $122,000 loan amount, the SBA guaranteed $103,700.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 7 employees. The loan application indicated that the loan would help retain 7 existing jobs.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $122,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

The Art of Bootstrapping

Banks in Corpus Christi, Texas

SBA Participating Banks in Texas