SBA Loan from Zions First National Bank Helps Limited-Service Restaurants Company
An SBA loan from Zions First National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a St George, Utah business owner got a $121,000 loan.
This small firm received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Zions First National Bank, out of West Valley City, Utah. The loan was granted and they received $121,000 to help grow their St George, Utah business.
SBA Loan Borrower
COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
ST GEORGE, UT 84770
SBA Loan Lender
ZIONS FIRST NATIONAL BANK
2460 SOUTH 3270 WEST, SBA DEP
WEST VALLEY CITY, UT 84119
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
12/7/2006
Loan Approval Gross Amount
$121,000
Loan Approval from the SBA
Of the total $121,000 loan amount, the SBA guaranteed $102,850.
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 only one employee. The SBA loan application for the borrower indicated that the loan would help generate 25 new jobs and retain 1 existing job.
Next Steps for Getting an SBA Loan
Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.
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.
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