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November 21, 2024 |
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| Home > Small Business Lenders by State > Wyoming Business Loan Sources > Salt Lake City, Business Loans > Bank Of The West Salt Lake City Business Loans > New Car Dealers Loan | ||||
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Bank Of The West Business Loans
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Business Loan from Bank Of The West Given to New Car Dealers CompanyBank Of The West is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Wyoming entrepreneur who tapped into the power of SBA loans. This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Bank Of The West, out of Salt Lake City, Utah. The loan was granted and they received $77,000 to help grow their Lyman, Wyoming business. SBA Loan Borrower COMPANY TYPE: NEW CAR DEALERS SBA Loan Lender BANK OF THE WEST This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring 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 441110 - New Car Dealers Loan Approval Date 5/12/2003 Loan Approval Gross Amount $77,000 Loan Approval from the SBA Of the total $77,000 loan amount, the SBA guaranteed $65,450. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Bank Of The West and they will explain how you can get an SBA loan for your company. 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: Best Banks for Small Business in Salt Lake City, Utah
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