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May 5, 2024 |
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| Home > Small Business Lenders by State > Utah Business Loan Sources > Cedar City, Business Loans > State Bank Of Southern Utah Cedar City Business Loans > Flooring Contractors Loan | ||||
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Raising Money in Cedar City, Utah With SBA Loans
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Cedar City, Utah Entrepreneur Gets a Small Business LoanWould an Utah SBA loan help your business get to the next level? If so, you may want to talk with this Utah bank, which offers SBA loans to Utah entrepreneurs. You can learn something about getting a small business loan in Cedar City, Utah by studying this loan to a local business, made back in 2006. Banks like State Bank Of Southern Utah may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: FLOORING CONTRACTORS SBA Loan Lender STATE BANK OF SOUTHERN UTAH This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. 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 238330 - Flooring Contractors Loan Approval Date 4/18/2006 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $75,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 3 existing jobs. Getting an SBA Loan For Your Business The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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: Small Bank Loans in Cedar City, Utah
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