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April 27, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Minneapolis, Business Loans > Wells Fargo Bank Minneapolis Business Loans > Eating Places Loan | ||||
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Raising Money in Rochester, Minnesota With SBA Loans
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Raising Money for Full-Service RestaurantsLooking for business loans for full-service restaurants? Try the SBA. This $50,000 full-service restaurants loan was issued by a Minnesota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Rochester, Minnesota was able to borrow $50,000 from Wells Fargo Bank. The SBA made the loan possible by guaranteeing $42,500 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender WELLS FARGO BANK This lender issued this particular loan 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 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 7/9/2003 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 4 employees. The loan application did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business If you need money to start a small business or need money for an existing business, an SBA loan can be a great source of funding. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Wells Fargo Bank and they will explain how you can get an SBA loan for your company. 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: Where to Get an SBA Loan in Minneapolis, Minnesota
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