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May 14, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > Los Alamos, Business Loans > Los Alamos National Bank Los Alamos Business Loans > Laundry And Garment Services Loan | ||||
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Los Alamos National Bank
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Business Loan from Los Alamos National Bank Given to Laundry And Garment Services CompanyLos Alamos National Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a New Mexico entrepreneur was able to get a loan to take a small business to the next level. This small firm received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Los Alamos National Bank, out of Los Alamos, New Mexico. The loan was granted and they received $80,000 to help grow their Los Alamos, New Mexico business. SBA Loan Borrower COMPANY TYPE: LAUNDRY AND GARMENT SERVICES SBA Loan Lender LOS ALAMOS NATIONAL BANK This lender issued this particular small business loan 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. SIC Code 7219 - Laundry and Garment Services Loan Approval Date 7/25/2000 Loan Approval Gross Amount $80,000 Loan Approval from the SBA Of the total $80,000 loan amount, the SBA guaranteed $64,000. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan 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. 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: Best Banks in Los Alamos, New Mexico Find an SBA Lender in New Mexico
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