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May 14, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > Las Cruces, Business Loans > Citizens Bank Of Las Cruces Las Cruces Business Loans > Men's Clothing Stores Loan | ||||
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Raising Money in Las Cruces, New Mexico With SBA Loans
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Men's Clothing Stores Commercial LoansLooking for commercial loans for men's clothing stores? An SBA loan may be just what you've been looking for. This $30,000 men's clothing stores loan was issued by a New Mexico bank. Getting a small business loan in Las Cruces, New Mexico was important for this business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Citizens Bank Of Las Cruces, operating out of Las Cruces, New Mexico. Here are the details on this New Mexico small business loan. SBA Loan Borrower COMPANY TYPE: MEN'S CLOTHING STORES SBA Loan Lender CITIZENS BANK OF LAS CRUCES This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 448110 - Men's Clothing Stores Loan Approval Date 12/7/2001 Loan Approval Gross Amount $30,000 Loan Approval from the SBA Of the total $30,000 loan amount, the SBA guaranteed $25,500. 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 3 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. 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: Small Bank Loans in Las Cruces, New Mexico
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