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May 5, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Sioux Falls, Business Loans > Wells Fargo Bank Sioux Falls Business Loans > Repair Shops And Related Services Loan | ||||
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Wells Fargo Bank Gives Small Business Loan to Repair Shops And Related Services CompanyCaliforniaSmall business loans are available to California small business owners through the SBA. In this case, a South Dakota bank provides the loan. By giving the right information to Wells Fargo Bank, this Riverside, California business was able to get an SBA loan. To get this loan, the loan applicant 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: REPAIR SHOPS AND RELATED SERVICES SBA Loan Lender WELLS FARGO BANK The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA small business loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7699 - Repair Shops and Related Services Loan Approval Date 6/13/2000 Loan Approval Gross Amount $364,300 Loan Approval from the SBA Of the total $364,300 loan amount, the SBA guaranteed $273,225. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 25 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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 Participating Banks in Sioux Falls, South Dakota SBA Participating Banks in South Dakota
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