Austin, Texas Business Gets SBA-Guaranteed Funding from American Bank Of Commerce

American Bank Of Commerce and the SBA work together to get business loans for growing small businesses. Here's an example of how a Texas entrepreneur was able to get a loan to take a small business to the next level.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Austin, Texas was able to borrow $25,000 from American Bank Of Commerce. The SBA made the loan possible by guaranteeing $21,250 of this Texas small business loan.

SBA Loan Borrower

MARK PETERSON'S FITNESS SERVIC
11236 BLOSSOM BELL
AUSTIN, TX 78758

SBA Loan Lender

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

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

2/14/2003

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $21,250.

More Information on This SBA Loan

The borrower, Mark Peterson's Fitness Servic, borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to add employees or retain any existing employees. This loan was paid in full, and was closed out on 11/30/2005.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like American Bank Of Commerce are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

About This SBA Loan Information:

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

Related Links:

Raising Venture Capital

Small Business Banks in Austin, Texas

Texas SBA 7A 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.