Minneapolis, Minnesota Lender Lends Money to Used Car Dealers Company

Thinking about meeting with a Minneapolis, Minnesota bank about a business loan? Here's one Minnesota business loan, issued by a Minneapolis bank, that was approved by the SBA.

Applying for an SBA loan with Wells Fargo Bank worked out well for our friends at one local business in Willmar, Minnesota. The business was able to get an SBA loan for $227,800. Nice!

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
WILLMAR, MN 56201

SBA Loan Lender

WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide bank loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

7/29/2002

Loan Approval Gross Amount

$227,800

Loan Approval from the SBA

Of the total $227,800 loan amount, the SBA guaranteed $170,850.

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 2 employees. This SBA loan request did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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:

Obtaining Funding From a Venture Capitalist

SBA 7A Banks in Minneapolis, Minnesota

Minnesota SBA 7A Lenders