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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > New York City, Business Loans > Wells Fargo Bank International New York City Business Loans > Great Wraps Of Hawthorn Center Loan | ||||
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Business Loans for Vernon Hills Small Businesses
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Vernon Hills, IL Entrepreneur Gets SBA Loan to Buy Great Wraps FranchiseNeed money to purchase a Great Wraps franchise? Wells Fargo Bank International has a history of making these loans and they are guaranteed by the SBA. If you live near Vernon Hills, Illinois and are interested in buying a Great Wraps franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2004 by Wells Fargo Bank International. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower GREAT WRAPS OF HAWTHORN CENTER SBA Loan Lender WELLS FARGO BANK INTERNATIONAL This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 3/19/2004 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Great Wraps franchise. At the time of the loan, the company had 8 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $150,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: SBA Participating Banks in New York City, New York
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