Wadena, Minnesota Business Gets SBA-Guaranteed Funding from Wadena State Bank

An SBA loan from Wadena State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Wadena, Minnesota business owner got a $120,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Wadena, Minnesota was able to borrow $120,000 from Wadena State Bank. The SBA made the loan possible by guaranteeing $90,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: GASOLINE SERVICE STATIONS
WADENA, MN 56482

SBA Loan Lender

WADENA STATE BANK
304 1ST ST SE
WADENA, MN 56482

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program involves 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.

SIC Code

5541 - Gasoline Service Stations

Loan Approval Date

9/22/2000

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $90,000.

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 4 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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 Wadena 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.

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