First State Bank Of Hotchkiss Gives Business Loan to Concrete Product Manufacturing Company

Bank loans in Colorado are hard to find these days. We take a look at one Colorado bank loan, provided by a Colorado bank, that was approved by the SBA.

This company, based in Cotopaxi, Colorado, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from First State Bank Of Hotchkiss. We've got the inside scoop on this Colorado small business loan.

SBA Loan Borrower

COMPANY TYPE: CONCRETE PRODUCT MANUFACTURING
COTOPAXI, CO 81223

SBA Loan Lender

FIRST STATE BANK OF HOTCHKISS
102 E BRIDGE ST
HOTCHKISS, CO 81419

This lender issued this commercial loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 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

327390 - Concrete Product Manufacturing

Loan Approval Date

12/23/2003

Loan Approval Gross Amount

$191,000

Loan Approval from the SBA

Of the total $191,000 loan amount, the SBA guaranteed $143,250.

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 6 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

We can help you find the best banks for small businesses in Cotopaxi or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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.

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