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December 22, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Salt Lake City, Business Loans > Merrill Lynch Bank Usa Salt Lake City Business Loans > Business Services Loan | ||||
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Utah Bank SBA Loans
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Merrill Lynch Bank Usa SBA Loan to Business Services CompanySearching for a California small business loan? Here's one California business loan that was approved by the SBA. This small business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Merrill Lynch Bank Usa, out of Salt Lake City, Utah. The loan was granted and they received $310,000 to help grow their Laguna Hills (leisure World), California business. SBA Loan Borrower COMPANY TYPE: BUSINESS SERVICES SBA Loan Lender MERRILL LYNCH BANK USA Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7389 - Business Services Loan Approval Date 1/10/2000 Loan Approval Gross Amount $310,000 Loan Approval from the SBA Of the total $310,000 loan amount, the SBA guaranteed $232,500. 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 85 employees. The SBA loan documents indicated that the loan would help generate 85 new jobs and retain 85 existing jobs. Getting an SBA Loan For Your Business The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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: Small Bank Loans in Salt Lake City, Utah
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