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April 29, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Dimmitt, Business Loans > First United Bank Dimmitt Business Loans > Tobacco And Tobacco Product Merchant Wholesalers Loan | ||||
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How to Get an SBA 7A Loan in Lubbock, Texas
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Local Business Gets a Texas Business LoanBusiness loans in Texas are are few and far betweeen these days. We take a look at one Texas business loan, provided by a Texas bank, that was approved by the SBA. You can learn something about getting a small business loan in Lubbock, Texas by studying this loan to a local business, made back in 2004. Banks like First United Bank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: TOBACCO AND TOBACCO PRODUCT MERCHANT WHOLESALERS SBA Loan Lender FIRST UNITED BANK This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 424940 - Tobacco and Tobacco Product Merchant Wholesalers Loan Approval Date 3/12/2004 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. 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 5 employees. The loan application did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like First United Bank and they will explain how you can get an SBA loan for your company. 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:
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