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April 28, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > Houston, Business Loans > Small Business Loan Source LLC Houston Business Loans > Carpet And Upholstery Cleaning Services Loan | ||||
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Banks for Albuquerque Businesses
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Company Gets a New Mexico SBA LoanWould a New Mexico SBA loan help your business get to the next level? If so, you may want to talk with this Texas bank, which offers SBA loans to New Mexico entrepreneurs. This business, based in Albuquerque, New Mexico, 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 Small Business Loan Source LLC. We've got the inside scoop on this New Mexico small business loan. SBA Loan Borrower COMPANY TYPE: CARPET AND UPHOLSTERY CLEANING SERVICES SBA Loan Lender SMALL BUSINESS LOAN SOURCE LLC This lender issued this commercial loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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 561740 - Carpet and Upholstery Cleaning Services Loan Approval Date 3/27/2006 Loan Approval Gross Amount $126,000 Loan Approval from the SBA Of the total $126,000 loan amount, the SBA guaranteed $107,100. 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 4 employees. The loan application did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan If you need money to start business in Albuquerque NM, you ought to talk with a local Albuquerque SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Albuquerque businesses. 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: Obtaining Funding From a Venture Capitalist Where to Get an SBA Loan in Houston, Texas
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