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November 14, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > San Jose, Business Loans > Wells Fargo Bank San Jose Business Loans > New Car Dealers Loan | ||||
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California Bank SBA Loans
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Business Loan from Wells Fargo Bank Given to New Car Dealers CompanyWells Fargo Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Massachusetts entrepreneur was able to get a loan to take a small business to the next level. Getting a small business loan in Worcester, Massachusetts was an essential business goal for this small business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Wells Fargo Bank, operating out of San Jose, California. Here are the details on this Massachusetts small business loan. SBA Loan Borrower COMPANY TYPE: NEW CAR DEALERS SBA Loan Lender WELLS FARGO BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 441110 - New Car Dealers Loan Approval Date 10/3/2005 Loan Approval Gross Amount $95,000 Loan Approval from the SBA Of the total $95,000 loan amount, the SBA guaranteed $47,500. 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 2 employees. The SBA loan application for the borrower indicated that the loan would help retain 2 existing jobs. Getting an SBA Loan For Your Business Remember, you 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. This company got an SBA loan. You can too! Maybe you need seed money for business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer for you. 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: Small Bank Loans in San Jose, California
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