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May 8, 2024 |
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| Home > Small Business Lenders by State > Colorado Business Loan Sources > Salt Lake City, Business Loans > Bank Of The West Salt Lake City Business Loans > Plumbing, Heating, And Air Conditioning Contractors Loan | ||||
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Advice for Business Owners On Getting a Loan
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How to Get a Loan for Plumbing, Heating, and Air Conditioning ContractorsWith these commercial loans for plumbing, heating, and air conditioning contractors, the SBA guarantees the lender that the loan will be repaid. This plumbing, heating, and air conditioning contractors loan for $427,300 was given to a Colorado entrepreneur in 2003. Getting a small business loan in Frisco, Colorado was important for this small business back in 2003 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 Colorado small business loan. SBA Loan Borrower COMPANY TYPE: PLUMBING, HEATING, AND AIR CONDITIONING CONTRACTORS SBA Loan Lender BANK OF THE WEST Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 235110 - Plumbing, Heating, and Air Conditioning Contractors Loan Approval Date 10/3/2003 Loan Approval Gross Amount $427,300 Loan Approval from the SBA Of the total $427,300 loan amount, the SBA guaranteed $320,475. More Information on This SBA Loan The borrower borrowed this money for an existing 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 8 employees. This SBA loan request indicated that the loan would help retain 8 existing jobs. Next Steps for Getting an SBA Loan 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. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Bank Of The West and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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 Small Bank Loans in Salt Lake City, Utah
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