How to Get a Loan for Heavy Construction

With these commercial loans for heavy construction, the SBA guarantees the lender that the loan will be repaid. This heavy construction loan for $50,000 was given to an Utah entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Washington, Utah was able to borrow $50,000 from Sunfirst Bank. The SBA made the loan possible by guaranteeing $42,500 of this Utah small business loan.

SBA Loan Borrower

COMPANY TYPE: HEAVY CONSTRUCTION
WASHINGTON, UT 84780

SBA Loan Lender

SUNFIRST BANK
120 E ST. GEORGE BLVD
SAINT GEORGE, UT 84770

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

234990 - Heavy Construction

Loan Approval Date

6/19/2002

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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 12 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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 $50,000 loan. Remember, anyone can do it... so why not you?

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:

Business Incubators

Small Bank Loans in Saint George, Utah

SBA Participating Banks in Utah