Austin, Texas Entrepreneur Gets a Business Loan

Would a Texas bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Texas bank, which offers SBA loans to Texas entrepreneurs.

Getting a small business loan in Austin, Texas was a top priority for Littlefield Market back in 2001 and, based on their loan application, they were successful in getting an SBA loan from American Bank Of Commerce. Here are the details on this Texas small business loan.

SBA Loan Borrower

LITTLEFIELD MARKET
121 EAST 6TH ST
AUSTIN, TX 78701

SBA Loan Lender

AMERICAN BANK OF COMMERCE
610 W 5TH ST
AUSTIN, TX 78701

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

445120 - Convenience Stores

Loan Approval Date

3/28/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower, Littlefield Market, 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. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees. This loan was paid in full, and was closed out on 7/21/2006.

Next Steps for Getting an SBA Loan

If you are raising money 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.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. If a firm like Littlefield Market is able to get a $150,000 loan, why not give getting an SBA loan of your own a try?

About This SBA Loan Information:

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

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