Entrepreneur Works With Wolfforth, Texas Bank to Get an SBA Loan

Get SBA loans from a Wolfforth, Texas bank that knows how to treat small business owners right! If Medical Capital Recovery, Inc. can get a loan, there's no reason you can't do it too.

American Bank Of Commerce is a Wolfforth, Texas small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to Medical Capital Recovery, Inc. a Texas company.

SBA Loan Borrower

MEDICAL CAPITAL RECOVERY, INC.
1216 E 6TH STREET
AUSTIN, TX 78702

SBA Loan Lender

AMERICAN BANK OF COMMERCE
W 82ND ST AND US HWY 62/82
WOLFFORTH, TX 79382

This lender issued this commercial loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561499 - All Other Business Support Services

Loan Approval Date

10/29/2004

Loan Approval Gross Amount

$1,200,000

Loan Approval from the SBA

Of the total $1,200,000 loan amount, the SBA guaranteed $900,000.

More Information on This SBA Loan

The borrower, Medical Capital Recovery, Inc., borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 105 employees. The loan application did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as Medical Capital Recovery, Inc. walked into American Bank Of Commerce and applied for an SBA loan, you have to do the same thing. The sooner you start, the faster you'll get the money!

About This SBA Loan Information:

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

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