Cheyenne, Wyoming Business Gets SBA-Guaranteed Funding from Bank Of The West

Bank Of The West 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 Wyoming entrepreneur who tapped into the power of SBA loans.

Getting a small business loan in Cheyenne, Wyoming was an essential business goal for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Bank Of The West, operating out of Salt Lake City, Utah. Here are the details on this Wyoming small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
CHEYENNE, WY 82009

SBA Loan Lender

BANK OF THE WEST
142 EAST 200 SOUTH
SALT LAKE CITY, UT 84111

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a 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. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

9/10/2002

Loan Approval Gross Amount

$129,800

Loan Approval from the SBA

Of the total $129,800 loan amount, the SBA guaranteed $110,330.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bank Of The West had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank Of The West made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

SBIR Funding

Good Banks for Small Business in Salt Lake City, Utah

Where to Get an SBA Loan Utah