Salt Lake City, Utah Bank Gives SBA Loan to Full-Service Restaurants Company

Thinking about meeting with a Salt Lake City, Utah bank about a small business loan? Here's one Colorado business loan, issued by a Salt Lake City bank, that was approved by the SBA.

Applying for an SBA loan with Amer Express Centurion Bk worked out well for our friends at one local firm in Limon, Colorado. They received an SBA loan for $20,500. Way to go!

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
LIMON, CO 80828

SBA Loan Lender

AMER EXPRESS CENTURION BK
4315 S 2700 WEST, MC 01-04
SALT LAKE CITY, UT 84184

The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

722110 - Full-Service Restaurants

Loan Approval Date

10/10/2003

Loan Approval Gross Amount

$20,500

Loan Approval from the SBA

Of the total $20,500 loan amount, the SBA guaranteed $10,250.

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 6 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 8 existing jobs.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a business in Limon CO, you ought to talk with a local Limon SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Limon 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.

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