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November 22, 2024 |
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| Home > Small Business Lenders by State > Utah Business Loan Sources > Sandy, Business Loans > Bank Of American Fork Sandy Business Loans > General Automotive Repair Loan | ||||
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How to Get SBA Loans in Orem, Utah
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General Automotive Repair SBA LoansLooking for SBA loans for general automotive repair? Try the SBA. This $130,000 general automotive repair loan was issued by an Utah bank. This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Bank Of American Fork, out of Sandy, Utah. The loan was granted and they received $130,000 to help grow their Orem, Utah business. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender BANK OF AMERICAN FORK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811111 - General Automotive Repair Loan Approval Date 6/19/2002 Loan Approval Gross Amount $130,000 Loan Approval from the SBA Of the total $130,000 loan amount, the SBA guaranteed $110,500. 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 5 employees. This SBA loan request did not indicate that the company promised to use the money to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? 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 firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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 Decide How Much to Raise Getting a Business Loan in Utah
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