Cadillac, Michigan Business Gets SBA-Guaranteed Funding from Wells Fargo Bank

Wells Fargo Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Michigan entrepreneur who tapped into the power of SBA loans.

This growing company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Wells Fargo Bank, out of Minneapolis, Minnesota. The loan was granted and they received $480,000 to help grow their Cadillac, Michigan business.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
CADILLAC, MI 49601

SBA Loan Lender

WELLS FARGO BANK
90 S 7TH ST
MINNEAPOLIS, MN 55402

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

811192 - Car Washes

Loan Approval Date

12/1/2003

Loan Approval Gross Amount

$480,000

Loan Approval from the SBA

Of the total $480,000 loan amount, the SBA guaranteed $360,000.

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 only one employee. The SBA loan application for the borrower indicated that the loan would help retain 1 existing job.

Start the Process for Getting an SBA Loan Today!

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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:

Alternative Financing

SBA Participating Banks in Minneapolis, Minnesota

SBA Lenders in Minnesota