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May 2, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > San Jose, Business Loans > Wells Fargo Bank San Jose Business Loans > The Ups Store Loan | ||||
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Banks for Spearfish, South Dakota Small Business Owners
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Spearfish, SD Entrepreneur Gets SBA Loan to Buy The UPS Store FranchiseBorrowing money to buy a UPS Store franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a The UPS Store franchise may simply require a phone call to a local SBA banker. In 2004, Wells Fargo Bank issued an SBA franchise loan to an entrepreneur in Spearfish, South Dakota. Because The UPS Store was registered with the SBA's registry of franchises, this South Dakota small business loan was issued on an expedited basis. SBA Loan Borrower THE UPS STORE SBA Loan Lender WELLS FARGO BANK 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 561431 - Private Mail Centers Loan Approval Date 12/2/2004 Loan Approval Gross Amount $115,400 Loan Approval from the SBA Of the total $115,400 loan amount, the SBA guaranteed $98,090. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a The UPS Store franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the company promised 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. 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. Related Links: Best Banks in San Jose, California
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