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December 22, 2024 |
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| Home > Small Business Lenders by State > Colorado Business Loan Sources > Durango, Business Loans > 1st National Bank - Durango Durango Business Loans > General Automotive Repair Loan | ||||
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1st National Bank - Durango
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SBA Loan from 1st National Bank - Durango Helps General Automotive Repair CompanyAn SBA loan from 1st National Bank - Durango typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Ignacio, Colorado business owner got a $86,500 loan. This business knew how to go about getting a business bank loan. Based in Ignacio, Colorado, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was 1st National Bank - Durango, based in Durango, Colorado. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender 1ST NATIONAL BANK - DURANGO This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811111 - General Automotive Repair Loan Approval Date 3/4/2004 Loan Approval Gross Amount $86,500 Loan Approval from the SBA Of the total $86,500 loan amount, the SBA guaranteed $73,525. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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: SBA Participating Banks in Durango, Colorado
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