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May 17, 2024 |
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| Home > Small Business Lenders by State > Utah Business Loan Sources > American Fork, Business Loans > Bank Of American Fork American Fork Business Loans > Household Appliance Stores Loan | ||||
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Bank Of American Fork SBA 7A Loans
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Household Appliance Stores Small Business LoansLooking for small business loans for household appliance stores? Try the SBA. This $50,000 household appliance stores loan was issued by an Utah bank. Getting a small business loan in Ogden, Utah was important for this growing firm back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Bank Of American Fork, operating out of American Fork, Utah. Here are the details on this Utah small business loan. SBA Loan Borrower COMPANY TYPE: HOUSEHOLD APPLIANCE STORES SBA Loan Lender BANK OF AMERICAN FORK This lender processed this SBA small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. 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 443111 - Household Appliance Stores Loan Approval Date 10/4/2004 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. 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 4 employees. The SBA loan application for the borrower indicated that the loan would help retain 4 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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: Obtaining Funding - Getting Venture Capital Best American Fork, Utah Banks for Small Business Browse All Business Loan Sources for Utah
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