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April 20, 2024 |
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| Home > Small Business Lenders by State > Arizona Business Loan Sources > Phoenix, Business Loans > Wells Fargo Bank Phoenix Business Loans > Limited-Service Restaurants Loan | ||||
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Wells Fargo Bank
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Tucson, Arizona Business Gets SBA-Guaranteed Funding from Wells Fargo BankWells Fargo Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Arizona entrepreneur was able to get a loan to take a small business to the next level. This small firm knew how to go about getting a business bank loan. Based in Tucson, Arizona, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Wells Fargo Bank, based in Phoenix, Arizona. SBA Loan Borrower COMPANY TYPE: LIMITED-SERVICE RESTAURANTS SBA Loan Lender WELLS FARGO BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 9/24/2002 Loan Approval Gross Amount $408,600 Loan Approval from the SBA Of the total $408,600 loan amount, the SBA guaranteed $306,450. 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 150 employees. The SBA loan documents indicated that the loan would help generate 10 new jobs and retain 150 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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: How Much Venture Capital Is There? SBA 7A Lenders in Phoenix, Arizona Getting an SBA Loan in Arizona
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