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November 14, 2024 |
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| Home > Small Business Lenders by State > Utah Business Loan Sources > Salt Lake City, Business Loans > Celtic Bank Corporation Salt Lake City Business Loans > Fabricated Metal Product Manufacturing Loan | ||||
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Utah Bank SBA Loans
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SBA Loan from Celtic Bank Corporation Helps Fabricated Metal Product Manufacturing CompanyAn SBA loan from Celtic Bank Corporation typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a West Valley City, Utah business owner got a $650,000 loan. Getting a small business loan in West Valley City, Utah was an essential business goal for this small business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Celtic Bank Corporation, operating out of Salt Lake City, Utah. Here are the details on this Utah small business loan. SBA Loan Borrower COMPANY TYPE: FABRICATED METAL PRODUCT MANUFACTURING SBA Loan Lender CELTIC BANK CORPORATION This lender issued this loan for a small business under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began 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 332999 - Fabricated Metal Product Manufacturing Loan Approval Date 1/8/2003 Loan Approval Gross Amount $650,000 Loan Approval from the SBA Of the total $650,000 loan amount, the SBA guaranteed $487,500. 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 50 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. 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: Determining Proper Capital Structure for a Business SBA 7A Banks for Salt Lake City, Utah Loans
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