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November 21, 2024 |
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| Home > Small Business Lenders by State > Utah Business Loan Sources > Mclean, Business Loans > Capital One Mclean Business Loans > Industrial Machinery And Equipment Merchant Wholesalers Loan | ||||
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Who Lends Money to Salt Lake Cty Business Owners
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Salt Lake Cty, Utah Entrepreneur Gets a Small Business LoanSmall business loans in Utah are tough to come by these days. We take a look at one Utah small business loan, provided by a Virginia bank, that was approved by the SBA. Getting a small business loan in Salt Lake Cty, Utah was a top priority for this small company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Capital One. Here are the details on this Utah small business loan. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL MACHINERY AND EQUIPMENT MERCHANT WHOLESALERS SBA Loan Lender CAPITAL ONE The lender provided this SBA loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 423830 - Industrial Machinery and Equipment Merchant Wholesalers Loan Approval Date 6/24/2005 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 9 employees. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 9 existing jobs. Next Steps for Getting an SBA Loan SBA loans provide money to small business owners for working capital for other expenses. 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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