Business Loan from 1st National Bank - Layton Given to Automotive Body, Paint, And Interior Repair And Maintenance Company
1st National Bank - Layton is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Utah entrepreneur who tapped into the power of SBA loans.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Salt Lake City, Utah was able to borrow $520,000 from 1st National Bank - Layton. The SBA made the loan possible by guaranteeing $390,000 of this Utah small business loan.
SBA Loan Borrower
COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE
SALT LAKE CITY, UT 84115
SBA Loan Lender
1ST NATIONAL BANK - LAYTON
12 S MAIN ST
LAYTON, UT 84041
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
811121 - Automotive Body, Paint, and Interior Repair and Maintenance
Loan Approval Date
11/2/2001
Loan Approval Gross Amount
$520,000
Loan Approval from the SBA
Of the total $520,000 loan amount, the SBA guaranteed $390,000.
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 4 employees. The SBA loan documents indicated that the loan would help retain 4 existing jobs.
Next Steps for Getting an SBA Loan
SBA loans provide money to small business owners for working capital for other expenses.
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 $520,000 loan. Remember, where there is a will, there is a way!
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.
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