Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Tips for Entrepreneurs On Getting a Loan

 

 
Loan Census SBA Loan Info

Raising Money for Sporting Goods Stores

With these bank loans for sporting goods stores, the SBA guarantees the lender that the loan will be repaid. This sporting goods stores loan for $630,000 was given to a Colorado entrepreneur in 2006.

Getting a small business loan in Crested Butte, Colorado was important for this growing firm back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Gunnison Bank & Trust, operating out of Crested Butte, Colorado. Here are the details on this Colorado small business loan.

SBA Loan Borrower

COMPANY TYPE: SPORTING GOODS STORES
CRESTED BUTTE, CO 81224

SBA Loan Lender

GUNNISON BANK & TRUST
116 6TH ST
CRESTED BUTTE, CO 81224

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

451110 - Sporting Goods Stores

Loan Approval Date

10/19/2006

Loan Approval Gross Amount

$630,000

Loan Approval from the SBA

Of the total $630,000 loan amount, the SBA guaranteed $472,500.

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 only one employee. This SBA loan request did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My 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:

Attracting Investors

SBA 7A Banks for Crested Butte, Colorado Loans

Colorado SBA Bank Lenders