Company Gets an Utah Bank Loan
SBA loans in Utah are hard to find these days. We take a look at one Utah SBA loan, provided by a California bank, that was approved by the SBA.
By giving the right information to Wells Fargo Bank, this Salt Lake City, Utah business was able to get an SBA loan. To get this loan, the applying company 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: ELECTRICAL CONTRACTORS AND WIRING INSTALLATION CONTRACTORS
SALT LAKE CITY, UT 84119
SBA Loan Lender
WELLS FARGO BANK
121 PARK CENTER PLZ
SAN JOSE, CA 95113
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
238210 - Electrical Contractors and Wiring Installation Contractors
Loan Approval Date
5/11/2004
Loan Approval Gross Amount
$100,000
Loan Approval from the SBA
Of the total $100,000 loan amount, the SBA guaranteed $50,000.
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 24 employees. This SBA loan request indicated that the loan would help generate 5 new jobs and retain 24 existing jobs.
Next Steps for Getting an SBA Loan
If you need money to start a small business or need money to grow a business, an SBA loan can be a great funding source
Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $100,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?
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:
Advice on Getting a Small Business Loan
Small Bank Loans in San Jose, California
Find an SBA Lender in California