Loans for Materials Recovery Facilities

With these loans for materials recovery facilities, the SBA guarantees the lender that the loan will be repaid. This materials recovery facilities loan for $692,000 was given to a Colorado entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Durango, Colorado was able to borrow $692,000 from 1st National Bank - Durango. The SBA made the loan possible by guaranteeing $519,000 of this Colorado small business loan.

SBA Loan Borrower

COMPANY TYPE: MATERIALS RECOVERY FACILITIES
DURANGO, CO 81301

SBA Loan Lender

1ST NATIONAL BANK - DURANGO
259 W 9TH ST
DURANGO, CO 81301

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide bank loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

562920 - Materials Recovery Facilities

Loan Approval Date

4/14/2006

Loan Approval Gross Amount

$692,000

Loan Approval from the SBA

Of the total $692,000 loan amount, the SBA guaranteed $519,000.

More Information on This SBA Loan

The borrower 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 only one employee. This SBA loan request did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

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 1st National Bank - Durango 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:

Determining Proper Capital Structure for a Business

SBA 7A Banks in Durango, Colorado

Getting a Business Loan in Colorado