Monroe, Wisconsin Business Gets SBA-Guaranteed Funding from First Banking Center

First Banking Center and the SBA work together to get business loans for growing small businesses. Here's an example of how a Wisconsin entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Monroe, Wisconsin was an essential business goal for this small business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from First Banking Center, operating out of Monroe, Wisconsin. Here are the details on this Wisconsin small business loan.

SBA Loan Borrower

COMPANY TYPE: DIE-CUT PAPER AND PAPERBOARD AND CARDBOARD
MONROE, WI 53566

SBA Loan Lender

FIRST BANKING CENTER
101 7TH ST
MONROE, WI 53566

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2675 - Die-Cut Paper and Paperboard and Cardboard

NAICS Code

322299 - Converted Paper Product Manufacturing

Loan Approval Date

12/14/2001

Loan Approval Gross Amount

$55,000

Loan Approval from the SBA

Of the total $55,000 loan amount, the SBA guaranteed $46,750.

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 only one employee. The loan application did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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.

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