La Plata, New Mexico Business Gets SBA-Guaranteed Funding from Bank Of The Southwest
Bank Of The Southwest has a track record as a leading provider of SBA loans. Find out how this New Mexico entrepreneur received an SBA loan from them.
Getting a small business loan in La Plata, New Mexico was an essential business goal for this small business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Bank Of The Southwest, operating out of Roswell, New Mexico. Here are the details on this New Mexico small business loan.
SBA Loan Borrower
COMPANY TYPE: SUPPORT ACTIVITIES FOR OIL AND GAS OPERATIONS
LA PLATA, NM 87418
SBA Loan Lender
BANK OF THE SOUTHWEST
226 N MAIN ST
ROSWELL, NM 88202
This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program requires 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.
NAICS Code
213112 - Support Activities for Oil and Gas Operations
Loan Approval Date
7/13/2005
Loan Approval Gross Amount
$121,000
Loan Approval from the SBA
Of the total $121,000 loan amount, the SBA guaranteed $102,850.
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 9 employees. The SBA loan documents did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
Many small businesses receive loans backed by the U.S. Small Business Administration.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bank Of The Southwest had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank Of The Southwest made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.
The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.
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:
Find Start-Up Capital
SBA Participating Banks in Roswell, New Mexico
Getting an SBA Loan in New Mexico