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April 28, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > Albuquerque, Business Loans > Western Commerce Bank Albuquerque Business Loans > Eating Places Loan | ||||
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New Mexico Bank SBA Loans
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Western Commerce Bank SBA Loan to Eating Places CompanyLooking to get a New Mexico business loan? Here's one New Mexico business loan that was approved by the SBA. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Albuquerque, New Mexico was able to borrow $70,000 from Western Commerce Bank. The SBA made the loan possible by guaranteeing $56,000 of this New Mexico small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender WESTERN COMMERCE BANK This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. 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. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places Loan Approval Date 6/12/2000 Loan Approval Gross Amount $70,000 Loan Approval from the SBA Of the total $70,000 loan amount, the SBA guaranteed $56,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 15 employees. The loan application did not indicate that the small business promised to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Western Commerce Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Borrowing Money from Friends and Family SBA 7A Lenders in Albuquerque, New Mexico Where to Get an SBA Loan New Mexico
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