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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 > Full-Service Restaurants Loan | ||||
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Small Business Loans from State Bank Of Southern Utah
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SBA Loan from State Bank Of Southern Utah Helps Full-Service Restaurants CompanyState Bank Of Southern Utah and the SBA work together to get business loans for growing small businesses. Here's an example of how an Utah entrepreneur was able to get a loan to take a small business to the next level. This business knew how to go about getting a business bank loan. Based in Parowan, Utah, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was State Bank Of Southern Utah, based in Cedar City, Utah. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender STATE BANK OF SOUTHERN UTAH This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 1/28/2004 Loan Approval Gross Amount $85,000 Loan Approval from the SBA Of the total $85,000 loan amount, the SBA guaranteed $72,250. 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 20 employees. This SBA loan request did not indicate that the business promised to use the money to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide smart, affordable business financing for small businesses looking to expand. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like State Bank Of Southern Utah 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. Related Links: Dealing With Venture Capitalists Where to Get an SBA Loan in Cedar City, Utah
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