Salt Lake City, Utah Bank Lends Money to Full-Service Restaurants Company in Orem, Utah

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

Applying for an SBA loan with Deseret First Fcu worked out well for our friends at one local business in Orem, Utah. They received an SBA loan for $741,400. Awesome!

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
OREM, UT 84058

SBA Loan Lender

DESERET FIRST FCU
2480 S 3850 WEST, STE C
SALT LAKE CITY, UT 84120

This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/19/2006

Loan Approval Gross Amount

$741,400

Loan Approval from the SBA

Of the total $741,400 loan amount, the SBA guaranteed $556,050.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the small business promised to use the loan proceeds to add 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Deseret First Fcu had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Deseret First Fcu made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Obtaining Funding - How to Borrow Money

Find an SBA Lender in Salt Lake City, Utah

SBA Lenders in Utah