Small Business Loans for Electronic Parts and Equipment Wholesalers

With these small business loans for electronic parts and equipment wholesalers, the SBA guarantees the lender that the loan will be repaid. This electronic parts and equipment wholesalers loan for $68,600 was given to a Minnesota entrepreneur in 2000.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Wadena, Minnesota was able to borrow $68,600 from Wadena State Bank. The SBA made the loan possible by guaranteeing $54,880 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTRONIC PARTS AND EQUIPMENT
WADENA, MN 56482

SBA Loan Lender

WADENA STATE BANK
304 1ST ST SE
WADENA, MN 56482

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5065 - Electronic Parts and Equipment

NAICS Code

421690 - Electronic Parts and Equipment Wholesalers

Loan Approval Date

1/4/2000

Loan Approval Gross Amount

$68,600

Loan Approval from the SBA

Of the total $68,600 loan amount, the SBA guaranteed $54,880.

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 29 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must 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.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Getting a Small Business Loan

SBA Banks in Wadena, Minnesota

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