Business Loan from Wells Fargo Bank Given to Construction And Mining Machinery And Equipment Wholesale Company
Wells Fargo Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Illinois entrepreneur who tapped into the power of SBA loans.
This growing company knew how to go about getting a business bank loan. Based in Galesburg, Illinois, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Wells Fargo Bank, based in Minneapolis, Minnesota.
SBA Loan Borrower
COMPANY TYPE: CONSTRUCTION AND MINING MACHINERY AND EQUIPMENT WHOLESALE
GALESBURG, IL 61401
SBA Loan Lender
WELLS FARGO BANK
2329 CENTRAL AVE NE
MINNEAPOLIS, MN 55418
This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
421810 - Construction and Mining Machinery and Equipment Wholesale
Loan Approval Date
2/10/2003
Loan Approval Gross Amount
$500,000
Loan Approval from the SBA
Of the total $500,000 loan amount, the SBA guaranteed $450,000.
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 2 employees. The loan application did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans provide smart, affordable business financing for small businesses looking to expand.
Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $500,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?
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:
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Minnesota SBA 7A Lenders