Company Gets a Wisconsin Business Loan

SBA loans in Wisconsin are tough to come by these days. We take a look at one Wisconsin SBA loan, provided by a Wisconsin bank, that was approved by the SBA.

This company, based in Brown Deer, Wisconsin, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Legacy Bank. We've got the inside scoop on this Wisconsin small business loan.

SBA Loan Borrower

COMPANY TYPE: LAWN AND GARDEN SERVICES
BROWN DEER, WI 53209

SBA Loan Lender

LEGACY BANK
2102 W FOND DU LAC AVE
MILWAUKEE, WI 53206

This lender issued this debt financing under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

0782 - Lawn and Garden Services

NAICS Code

235990 - Special Trade Contractors

Loan Approval Date

4/29/2003

Loan Approval Gross Amount

$494,460

Loan Approval from the SBA

Of the total $494,460 loan amount, the SBA guaranteed $370,845.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Legacy Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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