Provo, UT Entrepreneur Gets SBA Loan to Buy Steak-Out Franchise

Need a loan to buy a Steak-Out franchise? Mountain America Fcu has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Steak-Out franchise is doable. In 2007, Mountain America Fcu issued an SBA franchise loan to an entrepreneur in Provo, Utah. Because Steak-Out was registered with the SBA's registry of franchises, this Utah small business loan was issued on an expedited basis.

SBA Loan Borrower

FAS FOODS, LLC DBA STEAK OUT
PROVO, UT 84604

SBA Loan Lender

MOUNTAIN AMERICA FCU
7181 S CAMPUS VIEW DR
WEST JORDAN, UT 84084

This lender provides SBA business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/29/2007

Loan Approval Gross Amount

$86,100

Loan Approval from the SBA

Of the total $86,100 loan amount, the SBA guaranteed $73,185.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Steak-Out franchise. At the time of the loan, the company had 15 employees. The loan application indicated that the loan would help retain 15 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you need money to start a small business or already have a business and need money to expand, an SBA loan can be a great funding source

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:

Steak-Out Franchising, Inc.

Role of Business Plan When Raising Money

SBA Approved Banks in West Jordan, Utah

SBA Utah Banks