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May 4, 2024 |
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| Home > Small Business Lenders by State > Utah Business Loan Sources > American Fork, Business Loans > Bank Of American Fork American Fork Business Loans > Construction Machinery And Equipment Loan | ||||
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Bank Of American Fork Salt Lake City, Utah
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Bank Of American Fork SBA Loan to Construction Machinery And Equipment CompanyBank Of American Fork is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Utah entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Salt Lake City, Utah was able to borrow $300,000 from Bank Of American Fork. The SBA made the loan possible by guaranteeing $225,000 of this Utah small business loan. SBA Loan Borrower COMPANY TYPE: CONSTRUCTION MACHINERY AND EQUIPMENT SBA Loan Lender BANK OF AMERICAN FORK This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3531 - Construction Machinery and Equipment NAICS Code 333120 - Construction Machinery Manufacturing Loan Approval Date 10/5/2001 Loan Approval Gross Amount $300,000 Loan Approval from the SBA Of the total $300,000 loan amount, the SBA guaranteed $225,000. 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 5 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Raising VC Money for Social Networking Companies SBA Approved Banks in American Fork, Utah
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