Borrowing Money for Masonry Contractors

With these loans for masonry contractors, the SBA guarantees the lender that the loan will be repaid. This masonry contractors loan for $40,000 was given to an Utah entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Salt Lake City, Utah was able to borrow $40,000 from Deseret First Fcu. The SBA made the loan possible by guaranteeing $34,000 of this Utah small business loan.

SBA Loan Borrower

COMPANY TYPE: MASONRY CONTRACTORS
SALT LAKE CITY, UT 84104

SBA Loan Lender

DESERET FIRST FCU
2480 S 3850 WEST, STE C
SALT LAKE CITY, UT 84120

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238140 - Masonry Contractors

Loan Approval Date

6/15/2005

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $34,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 4 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Deseret First Fcu had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Deseret First Fcu made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Financing Your Business

Small Business Banks in Salt Lake City, Utah

Utah SBA Bank Lenders