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May 19, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > Roswell, Business Loans > Bank Of The Southwest Roswell Business Loans > Industrial Machinery And Equipment Merchant Wholesalers Loan | ||||
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Farmington SBA Loans
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Bank Of The Southwest Gives Small Business Loan to Industrial Machinery And Equipment Merchant Wholesalers CompanyWould a New Mexico business loan help your company expand? If so, you may want to talk with this New Mexico bank, which offers SBA loans to New Mexico entrepreneurs. This business, based in Farmington, 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 Bank Of The Southwest. We've got the inside scoop on this New Mexico small business loan. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL MACHINERY AND EQUIPMENT MERCHANT WHOLESALERS SBA Loan Lender BANK OF THE SOUTHWEST This lender issued this particular debt financing under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 423830 - Industrial Machinery and Equipment Merchant Wholesalers Loan Approval Date 3/25/2005 Loan Approval Gross Amount $130,000 Loan Approval from the SBA Of the total $130,000 loan amount, the SBA guaranteed $110,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower 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 to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Bank Of The Southwest 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. Related Links: Good Banks for Small Business in Roswell, New Mexico
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