Business Loan from Community Bank & Trust Given to Automotive Services Company

Community Bank & Trust 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.

This growing company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Community Bank & Trust, out of Sheboygan, Wisconsin. The loan was granted and they received $320,000 to help grow their Port Washington, Wisconsin business.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE SERVICES
PORT WASHINGTON, WI 53074

SBA Loan Lender

COMMUNITY BANK & TRUST
604 N EIGHTH ST
SHEBOYGAN, WI 53081

This lender issued this loan under the 7A SBA program, 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.

SIC Code

7549 - Automotive Services

NAICS Code

811118 - Automotive Mechanical and Electrical Repair and Maintenance

Loan Approval Date

12/4/2003

Loan Approval Gross Amount

$320,000

Loan Approval from the SBA

Of the total $320,000 loan amount, the SBA guaranteed $240,000.

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 only one employee. This SBA loan request did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you want money for new small business in Port Washington WI, you ought to talk with a local Port Washington SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Port Washington 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:

The Art of Bootstrapping

Small Bank Loans in Sheboygan, Wisconsin

SBA Participating Banks in Wisconsin