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May 8, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Salt Lake City, Business Loans > Bank Of The West Salt Lake City Business Loans > Homes For The Elderly Loan | ||||
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Salt Lake City Lenders
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Salt Lake City, Utah Lender Lends Money to Homes For The Elderly CompanyThinking about meeting with a Salt Lake City, Utah bank about a small business loan? Here's one Minnesota business loan, issued by a Salt Lake City bank, that was approved by the SBA. Applying for an SBA loan with Bank Of The West worked out well for our friends at one local firm in Benson, Minnesota. They got an SBA loan for $150,000. Awesome! SBA Loan Borrower COMPANY TYPE: HOMES FOR THE ELDERLY SBA Loan Lender BANK OF THE WEST This lender issued this SBA bank loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 623312 - Homes for the Elderly Loan Approval Date 1/24/2003 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 32 employees. This SBA loan request did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: How Much Venture Capital Is There? Best Salt Lake City, Utah Banks for Small Business
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