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November 14, 2024 |
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| Home > Small Business Lenders by State > Utah Business Loan Sources > West Jordan, Business Loans > Cyprus Fcu West Jordan Business Loans > Simons Hospitality LLC Loan | ||||
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SBA 7A Banks in Utah
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Bluffdale, UT Entrepreneur Gets SBA Loan to Buy Comfort Inn FranchiseNeed a loan to purchase a Comfort Inn franchise? Cyprus Fcu has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Comfort Inn franchise? If so, here's a 2008 SBA franchise loan that you should know about. Cyprus Fcu was the lender and the entrepreneur was based in Bluffdale, Utah. SBA Loan Borrower SIMONS HOSPITALITY LLC SBA Loan Lender CYPRUS FCU The lender provided this SBA small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 561110 - Office Administrative Services Loan Approval Date 2/5/2008 Loan Approval Gross Amount $250,000 Loan Approval from the SBA Of the total $250,000 loan amount, the SBA guaranteed $125,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Comfort Inn franchise. At the time of the loan, the company had 11 employees. The SBA loan application for the borrower indicated that the loan would help generate 7 new jobs and retain 11 existing jobs. Next Steps for Getting an SBA Loan Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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 this company walked into Cyprus Fcu and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Find an SBA Lender in West Jordan, Utah
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