Entrepreneur Works With Layton, Utah Bank to Get an SBA Loan

Thinking about meeting with a Layton, Utah bank about a business loan? Here's one Utah business loan, issued by a Layton bank, that was approved by the SBA.

Applying for an SBA loan with Barnes Banking Company worked out well for our friends at one local company in Ogden, Utah. They got an SBA loan for $131,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: POSTHARVEST CROP ACTIVITIES
OGDEN, UT 84404

SBA Loan Lender

BARNES BANKING COMPANY
849 W HILL FIELD RD
LAYTON, UT 84041

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

115114 - Postharvest Crop Activities

Loan Approval Date

12/18/2002

Loan Approval Gross Amount

$131,000

Loan Approval from the SBA

Of the total $131,000 loan amount, the SBA guaranteed $111,350.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This SBA loan was for $131,000. How would you spend $131,000 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.

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