First National Bank Gives Bank Loan to Food Supplement Stores Company

Would a Colorado business loan help your company expand? If so, you may want to talk with this Colorado bank, which offers SBA loans to Colorado entrepreneurs.

This small business, based in Loveland, Colorado, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from First National Bank. We've got the inside scoop on this Colorado small business loan.

SBA Loan Borrower

COMPANY TYPE: FOOD SUPPLEMENT STORES
LOVELAND, CO 80537

SBA Loan Lender

FIRST NATIONAL BANK
750 N LINCOLN AVE
LOVELAND, CO 80537

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

446191 - Food Supplement Stores

Loan Approval Date

7/11/2001

Loan Approval Gross Amount

$69,800

Loan Approval from the SBA

Of the total $69,800 loan amount, the SBA guaranteed $59,330.

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 2 employees. This SBA loan request did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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.

This SBA loan was for $69,800. How would you spend $69,800 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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

SBA Banks in Loveland, Colorado

Find an SBA Lender in Colorado