Colorado Springs, Colorado Entrepreneur Gets a Small Business Loan
Would a Colorado bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this California bank, which offers SBA loans to Colorado entrepreneurs.
By giving the right information to Wells Fargo Bank, this Colorado Springs, Colorado business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.
SBA Loan Borrower
COMPANY TYPE: PLUMBING AND HEATING EQUIPMENT AND SUPPLIES MERCHANT WHOLESALER
COLORADO SPRINGS, CO 80909
SBA Loan Lender
WELLS FARGO BANK
121 PARK CENTER PLZ
SAN JOSE, CA 95113
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.
423720 - Plumbing and Heating Equipment and Supplies Merchant Wholesaler
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $474,000 loan amount, the SBA guaranteed $355,500.
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 6 employees. The loan application indicated that the loan would help retain 6 existing jobs.
Start the Process for Getting an SBA Loan Today!
If you are working on finding money to start a business in Colorado Springs CO, you ought to talk with a local Colorado Springs SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Colorado Springs businesses.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Wells Fargo Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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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