Americanwest Bank SBA Loan to Software Reproducing Company
Americanwest Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Utah entrepreneur was able to get a loan to take a small business to the next level.
This growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Americanwest Bank, out of Provo, Utah. The loan was granted and they received $50,000 to help grow their Lehi, Utah business.
SBA Loan Borrower
COMPANY TYPE: SOFTWARE REPRODUCING
LEHI, UT 84043
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
334611 - Software Reproducing
Loan Approval Date
5/12/2004
Loan Approval Gross Amount
$50,000
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $25,000.
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 only one employee. The SBA loan documents indicated that the loan would help retain 1 existing job.
Getting an SBA Loan For Your Business
Although it's called an SBA loan, you 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.
While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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:
Determining Proper Capital Structure for a Business
SBA Approved Banks in Provo, Utah
SBA Utah Banks