Borrowing Money for Collection Agencies

Looking for loans for collection agencies? Try the SBA. This $50,000 collection agencies loan was issued by a Wisconsin bank.

This company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Monona State Bank, out of Monona, Wisconsin. The loan was granted and they received $50,000 to help grow their Madison, Wisconsin business.

SBA Loan Borrower

COMPANY TYPE: ADJUSTMENT AND COLLECTION SERVICES
MADISON, WI 53716

SBA Loan Lender

MONONA STATE BANK
5515 MONONA DR
MONONA, WI 53716

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

7322 - Adjustment and Collection Services

NAICS Code

561440 - Collection Agencies

Loan Approval Date

12/20/2002

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the company planned to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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 Monona State 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:

Obtaining Funding - How to Decide How Much to Raise

SBA Participating Banks in Monona, Wisconsin

Wisconsin SBA 7A Lenders