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November 21, 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 > Custom Computer Programming Services Loan | ||||
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Bank Of American Fork Small Business Provo, Utah
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SBA Loan from Bank Of American Fork Helps Custom Computer Programming Services CompanyBank Of American Fork 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 Provo, Utah was an essential business goal for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Bank Of American Fork, operating out of Sandy, Utah. Here are the details on this Utah small business loan. SBA Loan Borrower COMPANY TYPE: CUSTOM COMPUTER PROGRAMMING SERVICES SBA Loan Lender BANK OF AMERICAN FORK This lender issued this SBA bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 541511 - Custom Computer Programming Services Loan Approval Date 9/12/2002 Loan Approval Gross Amount $265,000 Loan Approval from the SBA Of the total $265,000 loan amount, the SBA guaranteed $198,750. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. This SBA loan request did not indicate that the business promised to use the funding 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. 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:
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