Financing for Snack and Nonalcoholic Beverage Bars
With these commercial loans for snack and nonalcoholic beverage bars, the SBA guarantees the lender that the loan will be repaid. This snack and nonalcoholic beverage bars loan for $65,000 was given to a Wisconsin entrepreneur in 2001.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Winona, Wisconsin was able to borrow $65,000 from Alliance Bank. The SBA made the loan possible by guaranteeing $55,250 of this Wisconsin small business loan.
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
WINONA, WI 55987
SBA Loan Lender
ALLIANCE BANK
103 S MAIN
COCHRANE, WI 54622
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5812 - Eating Places
NAICS Code
722213 - Snack and Nonalcoholic Beverage Bars
Loan Approval Date
8/17/2001
Loan Approval Gross Amount
$65,000
Loan Approval from the SBA
Of the total $65,000 loan amount, the SBA guaranteed $55,250.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 4 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
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:
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SBA Lenders in Wisconsin