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May 13, 2024 |
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| Home > Small Business Lenders by State > Wisconsin Business Loan Sources > Fond Du Lac, Business Loans > Hometown Bank Fond Du Lac Business Loans > Photographic Studios, Portrait Loan | ||||
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Tips for Small Business Owners On Getting a Loan
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How to Get a Loan for Photography Studios, PortraitLooking for commercial loans for photography studios, portrait? Talk to a banker who works with the SBA. This $100,000 photography studios, portrait loan was issued by a Wisconsin bank. Getting a small business loan in Ripon, 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 Hometown Bank, operating out of Fond Du Lac, Wisconsin. Here are the details on this Wisconsin small business loan. SBA Loan Borrower COMPANY TYPE: PHOTOGRAPHIC STUDIOS, PORTRAIT SBA Loan Lender HOMETOWN BANK This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7221 - Photographic Studios, Portrait NAICS Code 541921 - Photography Studios, Portrait Loan Approval Date 4/6/2001 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. 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 3 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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: Determining Proper Capital Structure for a Business Who Lends Money to Small Businesses in Fond Du Lac, Wisconsin SBA Participating Banks in Wisconsin
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