Business Loan from Amer Bank - Comm. D/b/a Ambank Given to Electronic Shopping And Mail-Order Houses Company

Amer Bank - Comm. D/b/a Ambank has a track record as a leading provider of SBA loans. Find out how this Utah entrepreneur received an SBA loan from them.

Getting a small business loan in Orem, Utah was an essential business goal for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Amer Bank - Comm. D/b/a Ambank, operating out of Provo, Utah. Here are the details on this Utah small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTRONIC SHOPPING AND MAIL-ORDER HOUSES
OREM, UT 84058

SBA Loan Lender

AMER BANK - COMM. D/B/A AMBANK
3670 N UNIVERSITY AVE
PROVO, UT 84604

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program involves 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

454110 - Electronic Shopping and Mail-Order Houses

Loan Approval Date

4/29/2003

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

More Information on This SBA Loan

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

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

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new 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.

Related Links:

Business Cash Advances

Small Business Banks in Provo, Utah

SBA Utah Lenders