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May 9, 2024 |
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| Home > Small Business Lenders by State > Wisconsin Business Loan Sources > Minneapolis, Business Loans > Wells Fargo Bank Minneapolis Business Loans > Nonchocolate Confectionery Manufacturing Loan | ||||
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SBA 7A Banks for Elm Grove Small Business Owners
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Wells Fargo Bank Gives Business Loan to Nonchocolate Confectionery Manufacturing CompanySBA loans in Wisconsin are are few and far betweeen these days. We take a look at one Wisconsin SBA loan, provided by a Minnesota bank, that was approved by the SBA. By giving the right information to Wells Fargo Bank, this Elm Grove, Wisconsin business was able to get an SBA loan. To get this loan, the applying company gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: NONCHOCOLATE CONFECTIONERY MANUFACTURING SBA Loan Lender WELLS FARGO BANK This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 311340 - Nonchocolate Confectionery Manufacturing Loan Approval Date 8/28/2003 Loan Approval Gross Amount $404,000 Loan Approval from the SBA Of the total $404,000 loan amount, the SBA guaranteed $303,000. 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 7 employees. The loan application indicated that the loan would help retain 7 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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: SBA Approved Banks in Minneapolis, Minnesota
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