Local Business Gets a Colorado Bank Loan
ColoradoBusiness loans are available to Colorado business owners through the SBA. In this case, a Minnesota bank provides the loan.
You can learn something about getting a small business loan in Colorado Springs, Colorado by studying this loan to a local business, made back in 2003. Banks like Wells Fargo Bank may also be willing to lend to you, given that they granted this small business loan.
SBA Loan Borrower
COMPANY TYPE: AUTOMOTIVE OIL CHANGE AND LUBRICATION SHOPS
COLORADO SPRINGS, CO 80920
SBA Loan Lender
WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
811191 - Automotive Oil Change and Lubrication Shops
Loan Approval Date
7/17/2003
Loan Approval Gross Amount
$125,000
Loan Approval from the SBA
Of the total $125,000 loan amount, the SBA guaranteed $106,250.
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 only one employee. The SBA loan documents did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.
Start the Process for Getting an SBA Loan Today!
SBA loans provide smart, affordable business financing for small businesses looking to expand.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Wells Fargo Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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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