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

American Bank Of Commerce is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Texas entrepreneur who tapped into the power of SBA loans.

Laursen's Ultimate Linings received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with American Bank Of Commerce, out of Austin, Texas. The loan was granted and they received $50,000 to help grow their Lexington, Texas business.

SBA Loan Borrower

LAURSEN'S ULTIMATE LININGS
1641 COUNTY ROAD 308
LEXINGTON, TX 78947

SBA Loan Lender

AMERICAN BANK OF COMMERCE
10920 LAKELINE MALL DR
AUSTIN, TX 78717

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

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

7/2/2003

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower, Laursen's Ultimate Linings, borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The loan application did not indicate that the company 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 3/24/2008.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This SBA loan was for $50,000. How would you spend $50,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at Laursen's Ultimate Linings, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

About This SBA Loan Information:

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

Related Links:

How Equity Dilution Works

SBA 7A Banks in Austin, Texas

Getting an SBA Loan in Texas

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