1st National Bank - Layton SBA Loan to Vending Machine Operators Company

An SBA loan from 1st National Bank - Layton typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a West Jordan, Utah business owner got a $171,200 loan.

This business knew how to go about getting a business bank loan. Based in West Jordan, Utah, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was 1st National Bank - Layton, based in Layton, Utah.

SBA Loan Borrower

COMPANY TYPE: VENDING MACHINE OPERATORS
WEST JORDAN, UT 84120

SBA Loan Lender

1ST NATIONAL BANK - LAYTON
12 S MAIN ST
LAYTON, UT 84041

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

454210 - Vending Machine Operators

Loan Approval Date

7/18/2003

Loan Approval Gross Amount

$171,200

Loan Approval from the SBA

Of the total $171,200 loan amount, the SBA guaranteed $128,400.

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 only one employee. The SBA loan documents indicated that the loan would help retain 1 existing job.

Next Steps for Getting an SBA Loan

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.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like 1st National Bank - Layton are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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