Entrepreneur Works With Salida, Colorado Bank to Get an SBA Loan

Thinking about meeting with a Salida, Colorado bank about a small business loan? Here's one Colorado business loan, issued by a Salida bank, that was approved by the SBA.

Applying for an SBA loan with Collegiate Peaks Bank worked out well for our friends at one local firm in Salida, Colorado. They got an SBA loan for $118,000. Nice!

SBA Loan Borrower

COMPANY TYPE: FOOD SUPPLEMENT STORES
SALIDA, CO 81201

SBA Loan Lender

COLLEGIATE PEAKS BANK
540 HWY 50
SALIDA, CO 81201

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program requires 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

446191 - Food Supplement Stores

Loan Approval Date

2/20/2002

Loan Approval Gross Amount

$118,000

Loan Approval from the SBA

Of the total $118,000 loan amount, the SBA guaranteed $100,300.

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 3 employees. The SBA loan documents did not indicate that the company 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.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Collegiate Peaks Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Investor Turnoffs

SBA Banks in Salida, Colorado

Colorado SBA 7A Banks