SBA Loan from First Interstate Bank Helps Support Activities For Coal Mining Company

An SBA loan from First Interstate Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Gillette, Wyoming business owner got a $234,117 loan.

Getting a small business loan in Gillette, Wyoming was an essential business goal for this firm back in 2006 and, based on their loan application, they were successful in getting an SBA loan from First Interstate Bank, operating out of Billings, Montana. Here are the details on this Wyoming small business loan.

SBA Loan Borrower

COMPANY TYPE: SUPPORT ACTIVITIES FOR COAL MINING
GILLETTE, WY 82716

SBA Loan Lender

FIRST INTERSTATE BANK
401 N 31ST ST
BILLINGS, MT 59101

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

213113 - Support Activities for Coal Mining

Loan Approval Date

6/30/2006

Loan Approval Gross Amount

$234,117

Loan Approval from the SBA

Of the total $234,117 loan amount, the SBA guaranteed $117,058.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. This SBA loan request indicated that the loan would help generate 6 new jobs and retain 4 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.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $234,117 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Advice on Getting a Small Business Loan

Where to Get an SBA Loan in Billings, Montana

SBA Participating Banks in Montana