Borrowing Money for Excavation Contractors

With these small business loans for excavation contractors, the SBA guarantees the lender that the loan will be repaid. This excavation contractors loan for $1,100,000 was given to a Wisconsin entrepreneur in 2001.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Chippewa Falls, Wisconsin was able to borrow $1,100,000 from Anchorbank, Fsb. The SBA made the loan possible by guaranteeing $825,000 of this Wisconsin small business loan.

SBA Loan Borrower

COMPANY TYPE: EXCAVATION WORK
CHIPPEWA FALLS, WI 54729

SBA Loan Lender

ANCHORBANK, FSB
3406 OAKWOOD HILLS PKWY, STE
EAU CLAIRE, WI 54701

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1794 - Excavation Work

NAICS Code

235930 - Excavation Contractors

Loan Approval Date

12/13/2001

Loan Approval Gross Amount

$1,100,000

Loan Approval from the SBA

Of the total $1,100,000 loan amount, the SBA guaranteed $825,000.

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 28 employees. The SBA loan documents did not indicate that the company planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

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.

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