Austin, Texas Entrepreneur Gets an SBA Loan

Want a Texas business loan? This Texas entrepreneur got a business loan, provided by a North Carolina bank that works with the SBA to help small business owners.

Getting a small business loan in Austin, Texas was a top priority for Fashion Alterations back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Bank Of America. Here are the details on this Texas small business loan.

SBA Loan Borrower

FASHION ALTERATIONS
3301 HANCOCK DRIVE SUITE 3
AUSTIN, TX 78731

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

811490 - Other Personal and Household Goods Repair and Maintenance

Loan Approval Date

2/18/2004

Loan Approval Gross Amount

$5,000

Loan Approval from the SBA

Of the total $5,000 loan amount, the SBA guaranteed $2,500.

More Information on This SBA Loan

The borrower, Fashion Alterations, borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The loan application indicated that the loan would help retain 4 existing jobs.

Start the Process for Getting an SBA Loan Today!

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. Fashion Alterations needed a loan. Bank Of America probably wouldn't have granted the loan based on the merits of the company, but with the SBA stepping up and agreeing to guarantee part of the loan, Bank Of America made the loan. The end result was that Fashion Alterations was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

Small Business Loan

SBA 7A Banks in Charlotte, North Carolina

SBA Lenders in North Carolina

If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.