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May 18, 2024 |
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| Home > Small Business Lenders by State > Wisconsin Business Loan Sources > Hartford, Business Loans > First Bank Financial Centre Hartford Business Loans > Auto And Home Supply Stores Loan | ||||
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Requirements for Small Business Owners On Getting a Loan
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Automotive Parts and Accessories Stores Business LoansWith these business loans for automotive parts and accessories stores, the SBA guarantees the lender that the loan will be repaid. This automotive parts and accessories stores loan for $49,000 was given to a Wisconsin entrepreneur in 2001. Getting a small business loan in Hartford, Wisconsin was important for this small business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from First Bank Financial Centre, operating out of Hartford, Wisconsin. Here are the details on this Wisconsin small business loan. SBA Loan Borrower COMPANY TYPE: AUTO AND HOME SUPPLY STORES SBA Loan Lender FIRST BANK FINANCIAL CENTRE This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5531 - Auto and Home Supply Stores NAICS Code 441310 - Automotive Parts and Accessories Stores Loan Approval Date 7/16/2001 Loan Approval Gross Amount $49,000 Loan Approval from the SBA Of the total $49,000 loan amount, the SBA guaranteed $41,650. 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 3 employees. The SBA loan documents did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan 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. 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 First Bank Financial Centre 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. Related Links: Find an SBA Lender in Hartford, Wisconsin
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