Business Loan from Northern State Bank Given to Motor Vehicle Supplies And New Parts Company

Northern State Bank has a track record as a leading provider of SBA loans. Find out how this Wisconsin entrepreneur received an SBA loan from them.

Getting a small business loan in Ashland, Wisconsin was an essential business goal for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Northern State Bank, operating out of Ashland, Wisconsin. Here are the details on this Wisconsin small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS
ASHLAND, WI 54806

SBA Loan Lender

NORTHERN STATE BANK
321 W MAIN ST
ASHLAND, WI 54806

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5013 - Motor Vehicle Supplies and New Parts

NAICS Code

421120 - Motor Vehicle Supplies and New Parts Wholesalers

Loan Approval Date

7/10/2002

Loan Approval Gross Amount

$690,000

Loan Approval from the SBA

Of the total $690,000 loan amount, the SBA guaranteed $517,500.

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 15 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Northern State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Northern State 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:

Angel Investors

SBA Banks in Ashland, Wisconsin

Getting an SBA Loan in Wisconsin