Business Loan from First Community Bank Given to Construction Machinery Manufacturing Company

An SBA loan from First Community Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Rio Rancho, New Mexico business owner got a $112,500 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Rio Rancho, New Mexico was able to borrow $112,500 from First Community Bank. The SBA made the loan possible by guaranteeing $95,625 of this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: CONSTRUCTION MACHINERY MANUFACTURING
RIO RANCHO, NM 87124

SBA Loan Lender

FIRST COMMUNITY BANK
620 REINKEN AVE
BELEN, NM 87002

This lender issued this bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began 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

333120 - Construction Machinery Manufacturing

Loan Approval Date

6/25/2002

Loan Approval Gross Amount

$112,500

Loan Approval from the SBA

Of the total $112,500 loan amount, the SBA guaranteed $95,625.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The loan application did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great funding source

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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

SBA 7A Banks for Belen, New Mexico Loans

SBA Lenders in New Mexico