Borrowing Money for On-Line Information Services

With these loans for on-line information services, the SBA guarantees the lender that the loan will be repaid. This on-line information services loan for $200,000 was given to a Texas entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Austin, Texas was able to borrow $200,000 from Bank Of America. The SBA made the loan possible by guaranteeing $150,000 of this Texas small business loan.

SBA Loan Borrower

FAST PARTS INC AND JAMES MANGH
2309 RIDDLE ROAD
AUSTIN, TX 78748

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

514191 - On-Line Information Services

Loan Approval Date

5/20/2002

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

More Information on This SBA Loan

The borrower, Fast Parts Inc And James Mangh, borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 8 existing jobs. This loan was paid in full, and was closed out on 12/30/2005.

Next Steps for Getting an SBA Loan

If you want money for new small business in Austin TX, you ought to talk with a local Austin SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Austin businesses.

We can help you find the best banks for small businesses in Austin or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

About This SBA Loan Information:

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

Related Links:

Find Start-Up Capital

Small Business Banks in Charlotte, North Carolina

SBA North Carolina Banks

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.