Business Loans for Professional, Scientific, and Technical Services
Looking for business loans for professional, scientific, and technical services? An SBA loan may be just what you've been looking for. This $60,000 professional, scientific, and technical services loan was issued by a Minnesota bank.
This business knew how to go about getting a business bank loan. Based in Cedar Rapids, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Wells Fargo Bank, based in Minneapolis, Minnesota.
SBA Loan Borrower
COMPANY TYPE: PROFESSIONAL, SCIENTIFIC, AND TECHNICAL SERVICES
CEDAR RAPIDS, IA 52402
SBA Loan Lender
WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408
This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
541990 - Professional, Scientific, and Technical Services
Loan Approval Date
6/17/2003
Loan Approval Gross Amount
$60,000
Loan Approval from the SBA
Of the total $60,000 loan amount, the SBA guaranteed $51,000.
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 4 employees. The loan application did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.
Getting an SBA Loan For Your Business
Every year, the SBA guarantees over $10 billion for loans just like this one.
If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Wells Fargo Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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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Getting an SBA Loan in Minnesota