SBA Loans for Convenience Stores

With these SBA loans for convenience stores, the SBA guarantees the lender that the loan will be repaid. This convenience stores loan for $35,000 was given to a Michigan entrepreneur in 2007.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Detroit, Michigan was able to borrow $35,000 from Wells Fargo Bank. The SBA made the loan possible by guaranteeing $17,500 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: CONVENIENCE STORES
DETROIT, MI 48238

SBA Loan Lender

WELLS FARGO BANK
101 N PHILIPS AVE
SIOUX FALLS, SD 57104

The lender provided this SBA small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

445120 - Convenience Stores

Loan Approval Date

4/4/2007

Loan Approval Gross Amount

$35,000

Loan Approval from the SBA

Of the total $35,000 loan amount, the SBA guaranteed $17,500.

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 5 employees. The loan application indicated that the loan would help retain 5 existing jobs.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Wells Fargo Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Small Business Credit Cards

Best Banks in Sioux Falls, South Dakota

SBA Lenders in South Dakota