Blaine, Minnesota Business Gets SBA-Guaranteed Funding from Wells Fargo Bank
Wells Fargo Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Minnesota entrepreneur was able to get a loan to take a small business to the next level.
This business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Wells Fargo Bank, out of San Jose, California. The loan was granted and they received $900,000 to help grow their Blaine, Minnesota business.
SBA Loan Borrower
COMPANY TYPE: INSTITUTIONAL FURNITURE MANUFACTURING
BLAINE, MN 55449
SBA Loan Lender
WELLS FARGO BANK
121 PARK CENTER PLZ
SAN JOSE, CA 95113
As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
337127 - Institutional Furniture Manufacturing
Loan Approval Date
11/22/2004
Loan Approval Gross Amount
$900,000
Loan Approval from the SBA
Of the total $900,000 loan amount, the SBA guaranteed $675,000.
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 10 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 12 existing jobs.
Next Steps for Getting an SBA Loan
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Wells Fargo Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.
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:
Find Start-Up Capital
Find an SBA Lender in San Jose, California
SBA Lenders in California