Financing for Gift, Novelty, and Souvenir Stores
With these loans for gift, novelty, and souvenir stores, the SBA guarantees the lender that the loan will be repaid. This gift, novelty, and souvenir stores loan for $115,000 was given to a Wisconsin entrepreneur in 2002.
Getting a small business loan in Chippewa Falls, Wisconsin was important for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Charter Bank Eau Claire, operating out of Eau Claire, Wisconsin. Here are the details on this Wisconsin small business loan.
SBA Loan Borrower
COMPANY TYPE: GIFT, NOVELTY, AND SOUVENIR SHOPS
CHIPPEWA FALLS, WI 54729
SBA Loan Lender
CHARTER BANK EAU CLAIRE
1010 W CLAIREMONT AVE
EAU CLAIRE, WI 54701
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5947 - Gift, Novelty, and Souvenir Shops
NAICS Code
453220 - Gift, Novelty, and Souvenir Stores
Loan Approval Date
2/1/2002
Loan Approval Gross Amount
$115,000
Loan Approval from the SBA
Of the total $115,000 loan amount, the SBA guaranteed $97,750.
More Information on This SBA Loan
The borrower borrowed this money for a new 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 SBA loan documents did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
If you are wondering how to find money to start a business or need money for an existing business, an SBA loan can be a great source of funding.
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:
Bank Credit Lines
SBA Participating Banks in Eau Claire, Wisconsin
Wisconsin SBA 7A Lenders