Wells Fargo Bank SBA Loan to Schiffli Machine Embroidery Company
An SBA loan from Wells Fargo Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Hurley, Wisconsin business owner got a $61,100 loan.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hurley, Wisconsin was able to borrow $61,100 from Wells Fargo Bank. The SBA made the loan possible by guaranteeing $51,935 of this Wisconsin small business loan.
SBA Loan Borrower
COMPANY TYPE: SCHIFFLI MACHINE EMBROIDERY
HURLEY, WI 54523
SBA Loan Lender
WELLS FARGO BANK
121 PARK CENTER PLZ
SAN JOSE, CA 95113
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
313222 - Schiffli Machine Embroidery
Loan Approval Date
6/25/2004
Loan Approval Gross Amount
$61,100
Loan Approval from the SBA
Of the total $61,100 loan amount, the SBA guaranteed $51,935.
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 2 employees. The loan application indicated that the loan would help retain 2 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new 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:
Small Business Credit Cards
SBA 7A Lenders in San Jose, California
Getting a Business Loan in California