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May 14, 2024  
 
 
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Loan Census SBA Loan Info

Local Business Gets a New Mexico Bank Loan

Searching for a New Mexico business loan? This New Mexico entrepreneur got a business loan, provided by a New Mexico bank that works with the SBA to help small business owners.

This company, based in Las Cruces, 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: MOTOR VEHICLE TOWING
LAS CRUCES, NM 88005

SBA Loan Lender

BANK OF THE SOUTHWEST
226 N MAIN ST
ROSWELL, NM 88202

The lender provided this SBA bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

488410 - Motor Vehicle Towing

Loan Approval Date

9/15/2005

Loan Approval Gross Amount

$11,600

Loan Approval from the SBA

Of the total $11,600 loan amount, the SBA guaranteed $5,800.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 7 employees. The loan application indicated that the loan would help generate 20 new jobs and retain 9 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of The Southwest that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Understanding Dilution

Small Bank Loans in Roswell, New Mexico

Getting an SBA Loan in New Mexico