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November 21, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > West Jordan, Business Loans > Mountain America Fcu West Jordan Business Loans > Plumbing, Heating, And Air-Conditioning Contractors Loan | ||||
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Mountain America Fcu
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Business Loan from Mountain America Fcu Given to Plumbing, Heating, And Air-Conditioning Contractors CompanyAn SBA loan from Mountain America Fcu typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Albuquerque, New Mexico business owner got a $20,000 loan. This business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Mountain America Fcu, out of West Jordan, Utah. The loan was granted and they received $20,000 to help grow their Albuquerque, New Mexico business. SBA Loan Borrower COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING CONTRACTORS SBA Loan Lender MOUNTAIN AMERICA FCU This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 238220 - Plumbing, Heating, and Air-Conditioning Contractors Loan Approval Date 3/21/2006 Loan Approval Gross Amount $20,000 Loan Approval from the SBA Of the total $20,000 loan amount, the SBA guaranteed $10,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 8 employees. The loan application indicated that the loan would help generate 20 new jobs and retain 8 existing jobs. 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: Obtaining Funding - How to Borrow Money SBA Participating Banks in West Jordan, Utah Getting a Business Loan in Utah
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