Utah Small Business Loan Issued to Manufacturing Company

Business loans in Utah are tough to come by these days. We take a look at one Utah business loan, provided by a Washington bank, that was approved by the SBA.

This small business, based in Orem, Utah, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Americanwest Bank. We've got the inside scoop on this Utah small business loan.

SBA Loan Borrower

COMPANY TYPE: MANUFACTURING
Orem, UT 84058

SBA Loan Lender

AMERICANWEST BANK
41 W RIVERSIDE AVE, STE 400
SPOKANE, WA 99201

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

339999 - Manufacturing

Loan Approval Date

10/3/2007

Loan Approval Gross Amount

$676,000

Loan Approval from the SBA

Of the total $676,000 loan amount, the SBA guaranteed $507,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 137 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your 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.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

Understanding Dilution

Best Banks in Spokane, Washington

Where to Get an SBA Loan Washington