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May 12, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > Lordsburg, Business Loans > Western Bank Lordsburg Business Loans > Lawyers Loan | ||||
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SBA Lender Lordsburg
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Lordsburg, New Mexico Lender Lends Money to Lawyers CompanyWant to talk with a Lordsburg, New Mexico bank about a business loan? Here's one New Mexico business loan, issued by a Lordsburg bank, that was approved by the SBA. Applying for an SBA loan with Western Bank worked out well for our friends at one local business in Silver City, New Mexico. They received an SBA loan for $63,000. Awesome! SBA Loan Borrower COMPANY TYPE: LAWYERS SBA Loan Lender WESTERN BANK This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 541110 - Lawyers Loan Approval Date 1/5/2004 Loan Approval Gross Amount $63,000 Loan Approval from the SBA Of the total $63,000 loan amount, the SBA guaranteed $53,550. 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 did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Western Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Role of Business Plan When Raising Money Good Banks for Small Business in Lordsburg, New Mexico
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