Entrepreneur Works With New London, Wisconsin Bank to Get an SBA Loan

Thinking about meeting with a New London, Wisconsin bank about an SBA loan? Here's one Wisconsin business loan, issued by a New London bank, that was approved by the SBA.

Applying for an SBA loan with The First State Bank worked out well for our friends at one local company in Sherwood, Wisconsin. They received an SBA loan for $591,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
SHERWOOD, WI 54169

SBA Loan Lender

THE FIRST STATE BANK
113 W NORTH WATER ST
NEW LONDON, WI 54961

This lender issued this SBA small business loan under the SBA's 7(a) guaranteed loan 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

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

12/27/2004

Loan Approval Gross Amount

$591,000

Loan Approval from the SBA

Of the total $591,000 loan amount, the SBA guaranteed $443,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like The First State Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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Wisconsin SBA Banks