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May 8, 2024 |
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| Home > Small Business Lenders by State > Utah Business Loan Sources > Salt Lake City, Business Loans > Bank Of The West Salt Lake City Business Loans > Motor Vehicle Parts, Used Loan | ||||
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Bank Of The West Business Loan
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Business Loan from Bank Of The West Given to Motor Vehicle Parts, Used CompanyAn SBA loan from Bank Of The West typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Ogden, Utah business owner got a $230,000 loan. This growing company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Bank Of The West, out of Salt Lake City, Utah. The loan was granted and they received $230,000 to help grow their Ogden, Utah business. SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE PARTS, USED 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. SIC Code 5015 - Motor Vehicle Parts, Used NAICS Code 421140 - Motor Vehicle Parts Wholesalers Loan Approval Date 6/7/2000 Loan Approval Gross Amount $230,000 Loan Approval from the SBA Of the total $230,000 loan amount, the SBA guaranteed $172,500. 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. The SBA loan application for the borrower indicated that the loan would help retain 8 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $230,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: SBA Banks in Salt Lake City, Utah
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