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April 29, 2024 |
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| Home > Small Business Lenders by State > Utah Business Loan Sources > Salt Lake City, Business Loans > Webbank Salt Lake City Business Loans > Graphic Design Services Loan | ||||
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Raising Money in Salt Lake City, Utah With SBA Loans
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Salt Lake City, Utah Entrepreneur Gets a Bank LoanSBA loans in Utah are hard to find these days. We take a look at one Utah SBA loan, provided by an Utah bank, that was approved by the SBA. You can learn something about getting a small business loan in Salt Lake City, Utah by studying this loan to a local business, made back in 2005. Banks like Webbank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: GRAPHIC DESIGN SERVICES SBA Loan Lender WEBBANK This lender issued this small business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 541430 - Graphic Design Services Loan Approval Date 10/20/2005 Loan Approval Gross Amount $480,700 Loan Approval from the SBA Of the total $480,700 loan amount, the SBA guaranteed $360,525. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the company promised to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your 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: Small Business Banks in Salt Lake City, Utah
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