Roswell, New Mexico Bank Lends Money to Electrical Contractors And Wiring Installation Contractors Company in Rio Rancho, New Mexico

Get to know Roswell, New Mexico banks that specialize in business loans and know how to work with entrepreneurs. First Fed. A Division - Washin is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Rio Rancho, New Mexico starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from First Fed. A Division - Washin. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL CONTRACTORS AND WIRING INSTALLATION CONTRACTORS
RIO RANCHO, NM 87124

SBA Loan Lender

FIRST FED. A DIVISION - WASHIN
300 N PENNSYLVANIA AVE
ROSWELL, NM 88201

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238210 - Electrical Contractors and Wiring Installation Contractors

Loan Approval Date

8/2/2005

Loan Approval Gross Amount

$130,500

Loan Approval from the SBA

Of the total $130,500 loan amount, the SBA guaranteed $110,925.

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 3 employees. This SBA loan request did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from First Fed. A Division - Washin 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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