SBA Loan from Amer Bank - Comm. D/b/a Ambank Helps General Automotive Repair Company

Amer Bank - Comm. D/b/a Ambank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Utah entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Pleasant Grove, Utah was an essential business goal for this firm back in 2002 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: GENERAL AUTOMOTIVE REPAIR
PLEASANT GROVE, UT 84062

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 created this program to limit the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

8/21/2002

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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 2 employees. The loan application did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This SBA loan was for $50,000. How would you spend $50,000 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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