Cortez, Colorado Entrepreneur Gets a Small Business Loan

ColoradoSmall business loans are available to Colorado small business owners through the SBA. In this case, a Colorado bank provides the loan.

Getting a small business loan in Cortez, Colorado was a top priority for this small company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from 1st National Bank - Durango. Here are the details on this Colorado small business loan.

SBA Loan Borrower

COMPANY TYPE: EXCAVATION WORK
CORTEZ, CO 81321

SBA Loan Lender

1ST NATIONAL BANK - DURANGO
125 SAWYER DR
DURANGO, CO 81303

This lender issued this business 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.

SIC Code

1794 - Excavation Work

NAICS Code

235930 - Excavation Contractors

Loan Approval Date

3/23/2000

Loan Approval Gross Amount

$357,859

Loan Approval from the SBA

Of the total $357,859 loan amount, the SBA guaranteed $268,394.

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 6 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from 1st National Bank - Durango so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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.

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