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December 23, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Roseville, Business Loans > Wachovia Sba Lending, Inc. Roseville Business Loans > Primary Battery Manufacturing Loan | ||||
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Wachovia Sba Lending, Inc.
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Business Loan from Wachovia Sba Lending, Inc. Given to Primary Battery Manufacturing CompanyAn SBA loan from Wachovia Sba Lending, Inc. typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Burnsville, Minnesota business owner got a $564,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Burnsville, Minnesota was able to borrow $564,000 from Wachovia Sba Lending, Inc.. The SBA made the loan possible by guaranteeing $423,000 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: PRIMARY BATTERY MANUFACTURING SBA Loan Lender WACHOVIA SBA LENDING, INC. Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 335912 - Primary Battery Manufacturing Loan Approval Date 1/6/2003 Loan Approval Gross Amount $564,000 Loan Approval from the SBA Of the total $564,000 loan amount, the SBA guaranteed $423,000. 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 18 employees. The loan application indicated that the loan would help retain 18 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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 Roseville, California
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