Where to Get Capital for Machine Shops

With these small business loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $236,100 was given to an Utah entrepreneur in 2006.

Getting a small business loan in Salt Lake City, Utah was important for this company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Continental Bank, operating out of Salt Lake City, Utah. Here are the details on this Utah small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
SALT LAKE CITY, UT 84115

SBA Loan Lender

CONTINENTAL BANK
15 W SOUTH TEMPLE ST, STE 420
SALT LAKE CITY, UT 84101

This lender issued this SBA bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started 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

332710 - Machine Shops

Loan Approval Date

11/28/2006

Loan Approval Gross Amount

$236,100

Loan Approval from the SBA

Of the total $236,100 loan amount, the SBA guaranteed $177,075.

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 only one employee. The loan application did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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

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:

Startup Funding Tip

SBA 7A Banks in Salt Lake City, Utah

SBA Lenders in Utah