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April 27, 2024 |
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| Home > Small Business Lenders by State > New Mexico Business Loan Sources > Sioux Falls, Business Loans > Wells Fargo Bank Sioux Falls Business Loans > Eating Places Loan | ||||
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South Dakota Bank SBA Loans
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Wells Fargo Bank SBA Loan to Eating Places CompanyLooking to get a New Mexico small business loan? Here's one New Mexico business loan that was approved by the SBA. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Albuquerque, New Mexico was able to borrow $115,000 from Wells Fargo Bank. The SBA made the loan possible by guaranteeing $86,250 of this New Mexico small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES 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. SIC Code 5812 - Eating Places Loan Approval Date 6/28/2000 Loan Approval Gross Amount $115,000 Loan Approval from the SBA Of the total $115,000 loan amount, the SBA guaranteed $86,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 41 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Wells Fargo Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Wells Fargo Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Role of Business Plan When Raising Money SBA Participating Banks in Sioux Falls, South Dakota
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