Gillette, Wyoming Lender Lends Money to Special Trade Contractors Company

Get to know Gillette, Wyoming banks that specialize in business loans and know how to work with entrepreneurs. First Interstate Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Gillette, Wyoming starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from First Interstate Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: SPECIAL TRADE CONTRACTORS
GILLETTE, WY 82716

SBA Loan Lender

FIRST INTERSTATE BANK
222 S GILLETTE AVE
GILLETTE, WY 82716

This lender issued this SBA loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 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

1799 - Special Trade Contractors

NAICS Code

238990 - Specialty Trade Contractors

Loan Approval Date

3/14/2006

Loan Approval Gross Amount

$128,723

Loan Approval from the SBA

Of the total $128,723 loan amount, the SBA guaranteed $96,542.

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 20 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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:

SBIR Funding

SBA Participating Banks in Gillette, Wyoming

Wyoming SBA 7A Banks