Firm Gets an Utah Small Business Loan

Small business loans in Utah are are few and far betweeen these days. We take a look at one Utah small business loan, provided by an Utah bank, that was approved by the SBA.

Getting a small business loan in Fountain Green, Utah was a top priority for this small company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Americanwest Bank. Here are the details on this Utah small business loan.

SBA Loan Borrower

COMPANY TYPE: SPECIALTY TRADE CONTRACTORS
FOUNTAIN GREEN, UT 84632

SBA Loan Lender

AMERICANWEST BANK
201 E CENTER ST
PROVO, UT 84606

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

238990 - Specialty Trade Contractors

Loan Approval Date

8/23/2006

Loan Approval Gross Amount

$73,000

Loan Approval from the SBA

Of the total $73,000 loan amount, the SBA guaranteed $36,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 indicated that the loan would help retain 3 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Americanwest Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Americanwest Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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