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May 14, 2024 |
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| Home > Small Business Lenders by State > Wisconsin Business Loan Sources > Madison, Business Loans > The Park Bank Madison Business Loans > Store Retailers Loan | ||||
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Advice for Businesses On Getting a Loan
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Store Retailers LoansLooking for loans for store retailers? The SBA may be the answer. This $115,000 store retailers loan was issued by a Wisconsin bank. This company knew how to go about getting a business bank loan. Based in Madison, Wisconsin, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was The Park Bank, based in Madison, Wisconsin. SBA Loan Borrower COMPANY TYPE: STORE RETAILERS SBA Loan Lender THE PARK BANK This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 453998 - Store Retailers Loan Approval Date 11/22/2004 Loan Approval Gross Amount $115,000 Loan Approval from the SBA Of the total $115,000 loan amount, the SBA guaranteed $97,750. 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 6 employees. The SBA loan documents did not indicate that the company promised to use the money to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? If you are wondering how to raise money for a company in Madison WI, you ought to talk with a local Madison SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Madison businesses. 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 The Park 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 Good Banks for Small Business in Madison, Wisconsin
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