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November 21, 2024 |
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| Home > Small Business Lenders by State > Wisconsin Business Loan Sources > Mukwonago, Business Loans > Citizens Bank Of Mukwonago Mukwonago Business Loans > Eating Places Loan | ||||
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Wisconsin Small Business Funding
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Borrowing Money for Full-Service RestaurantsLooking for loans for full-service restaurants? Try the SBA. This $150,000 full-service restaurants loan was issued by a Wisconsin bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Brookfield, Wisconsin was able to borrow $150,000 from Citizens Bank Of Mukwonago. The SBA made the loan possible by guaranteeing $112,500 of this Wisconsin small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender CITIZENS BANK OF MUKWONAGO This lender issued this particular small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 1/14/2000 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $112,500. 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 42 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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: Raising VC Money for Social Networking Companies Best Mukwonago, Wisconsin Banks for Small Business
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