Loveland, Colorado Business Gets SBA-Guaranteed Funding from First National Bank

First National Bank has a track record as a leading provider of SBA loans. Find out how this Colorado entrepreneur received an SBA loan from them.

This growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with First National Bank, out of Fort Collins, Colorado. The loan was granted and they received $30,000 to help grow their Loveland, Colorado business.

SBA Loan Borrower

COMPANY TYPE: REMEDIATION SERVICES
LOVELAND, CO 82538

SBA Loan Lender

FIRST NATIONAL BANK
205 W OAK ST
FORT COLLINS, CO 80521

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with borrowing money. 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

562910 - Remediation Services

Loan Approval Date

5/20/2004

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

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 3 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you are raising money in Loveland CO, you ought to talk with a local Loveland SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Loveland 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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