Firm Gets a Colorado Small Business Loan

Would a Colorado small business loan help your small business to grow and prosper? If so, you may want to talk with this Utah bank, which offers SBA loans to Colorado entrepreneurs.

By giving the right information to Bank Of The West, this Glenwood Springs, Colorado business was able to get an SBA loan. To get this loan, the loan applicant 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: FULL-SERVICE RESTAURANTS
GLENWOOD SPRINGS, CO 81601

SBA Loan Lender

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

This lender issued this particular small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

7/9/2001

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $59,500.

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 15 employees. The SBA loan documents did not indicate that the small business promised to use the money to add employees or retain any existing employees.

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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $70,000 loan. Remember, anyone can do it... so why not you?

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:

Attracting Investors

Best Banks for Small Business in Salt Lake City, Utah

Getting an SBA Loan in Utah