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May 16, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Wolfforth, Business Loans > American Bank Of Commerce Wolfforth Business Loans > Tire Retreading And Repair Shops Loan | ||||
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SBA 7A Banks for Wolfforth, Texas Small Businesses
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Texas Business Loan Issued to Tire Retreading And Repair Shops CompanyLooking to get a Texas business loan? This Texas entrepreneur got a business loan, provided by a Texas bank that works with the SBA to help small business owners. This business, based in Wolfforth, Texas, 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 American Bank Of Commerce. We've got the inside scoop on this Texas small business loan. SBA Loan Borrower COMPANY TYPE: TIRE RETREADING AND REPAIR SHOPS SBA Loan Lender AMERICAN BANK OF COMMERCE This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with borrowing money. 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. 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. SIC Code 7534 - Tire Retreading and Repair Shops Loan Approval Date 2/14/2000 Loan Approval Gross Amount $30,000 Loan Approval from the SBA Of the total $30,000 loan amount, the SBA guaranteed $24,000. 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 7 employees. The SBA loan application for the borrower did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Every year, the SBA guarantees over $10 billion for loans just like this one. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like American Bank Of Commerce 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: Banking Deregulation's Effects on Entrepreneurship Best Wolfforth, Texas Banks for Small Business
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