Wells Fargo Bank Provides SBA Loan to Buy Mail Boxes Etc. Usa Franchise

Borrowing money to buy a Mail Boxes Etc. Usa franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Mail Boxes Etc. Usa franchise requires some effort but others before you have been successful. In 2003, Wells Fargo Bank issued an SBA franchise loan to an entrepreneur in Oak Harbor, Washington. Because Mail Boxes Etc. Usa was registered with the SBA's registry of franchises, this Washington small business loan was issued on an expedited basis.

SBA Loan Borrower

MAIL BOXS ECT.
OAK HARBOR, WA 98277

SBA Loan Lender

WELLS FARGO BANK
2628 196TH ST SW
LYNNWOOD, WA 98036

This lender issued this particular bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561431 - Private Mail Centers

Loan Approval Date

3/10/2003

Loan Approval Gross Amount

$144,500

Loan Approval from the SBA

Of the total $144,500 loan amount, the SBA guaranteed $122,825.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mail Boxes Etc. Usa franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

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