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April 28, 2024 |
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| Home > Small Business Lenders by State > North Dakota Business Loan Sources > San Jose, Business Loans > Wells Fargo Bank San Jose Business Loans > General Automotive Repair Loan | ||||
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How to Get a Small Business Loan from Wells Fargo Bank
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Business Loan from Wells Fargo Bank Given to General Automotive Repair CompanyAn SBA loan from Wells Fargo Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Dickinson, North Dakota business owner got a $130,000 loan. This small firm knew how to go about getting a business bank loan. Based in Dickinson, North Dakota, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Wells Fargo Bank, based in San Jose, California. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender WELLS FARGO BANK 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 811111 - General Automotive Repair Loan Approval Date 7/22/2004 Loan Approval Gross Amount $130,000 Loan Approval from the SBA Of the total $130,000 loan amount, the SBA guaranteed $110,500. 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 5 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan Many small businesses receive loans backed by the U.S. Small Business Administration. 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 San Jose, California
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