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November 21, 2024 |
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| Home > Small Business Lenders by State > Idaho Business Loan Sources > San Jose, Business Loans > Wells Fargo Bank San Jose Business Loans > Ace Hardware Loan | ||||
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Business Loans for Clark Fork Business Owners
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Clark Fork, ID Entrepreneur Gets SBA Loan to Buy Ace Hardware FranchiseNeed money to invest in an Ace Hardware franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Clark Fork, Idaho needed money to invest in an Ace Hardware franchise back in 2005. Wells Fargo Bank issued an SBA franchise loan. Here are the details on this Idaho small business loan. SBA Loan Borrower ACE HARDWARE SBA Loan Lender WELLS FARGO BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 444130 - Hardware Stores Loan Approval Date 5/13/2005 Loan Approval Gross Amount $366,500 Loan Approval from the SBA Of the total $366,500 loan amount, the SBA guaranteed $274,875. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy an Ace Hardware franchise. At the time of the loan, the company had 4 employees. The loan application indicated that the loan would help generate 6 new jobs and retain 4 existing jobs. Getting an SBA Loan For Your Business The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. 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: SBA 7A Banks in San Jose, California
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