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May 10, 2024 |
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| Home > Small Business Lenders by State > Utah Business Loan Sources > West Jordan, Business Loans > Mountain America Fcu West Jordan Business Loans > Tile And Terrazzo Contractors Loan | ||||
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Requirements for Small Business Owners On Getting a Loan
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How to Get a Loan for Tile and Terrazzo ContractorsWith these business loans for tile and terrazzo contractors, the SBA guarantees the lender that the loan will be repaid. This tile and terrazzo contractors loan for $30,000 was given to an Utah entrepreneur in 2006. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Layton, Utah was able to borrow $30,000 from Mountain America Fcu. The SBA made the loan possible by guaranteeing $15,000 of this Utah small business loan. SBA Loan Borrower COMPANY TYPE: TILE AND TERRAZZO CONTRACTORS SBA Loan Lender MOUNTAIN AMERICA FCU The lender provided this SBA business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 238340 - Tile and Terrazzo Contractors Loan Approval Date 11/8/2006 Loan Approval Gross Amount $30,000 Loan Approval from the SBA Of the total $30,000 loan amount, the SBA guaranteed $15,000. 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 only one employee. This SBA loan request indicated that the loan would help generate 1 new job and retain 1 existing job. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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:
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