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November 14, 2024 |
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| Home > Small Business Lenders by State > Wisconsin Business Loan Sources > Holmen, Business Loans > Park Bank Holmen Business Loans > Eating Places Loan | ||||
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Banks in Wisconsin
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Loans for Full-Service RestaurantsLooking for loans for full-service restaurants? An SBA loan may be just what you've been looking for. This $54,000 full-service restaurants loan was issued by a Wisconsin bank. This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Park Bank, out of Holmen, Wisconsin. The loan was granted and they received $54,000 to help grow their Chaseburg, Wisconsin business. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender PARK BANK This lender issued this particular SBA 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 4/24/2002 Loan Approval Gross Amount $54,000 Loan Approval from the SBA Of the total $54,000 loan amount, the SBA guaranteed $45,900. 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 2 employees. The loan application did not indicate that the small business promised to use the money to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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: How Much Venture Capital Is There? Who Lends Money to Small Businesses in Holmen, Wisconsin
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