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| Entrepreneur Resources | Wells Fargo Bank San Jose Business Loans | ||||
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How to Get SBA Loans in Newport News, Virginia
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Borrow Money to Buy a Mr. Handyman FranchiseNeed a loan to invest in a Mr. Handyman franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.
An entrepreneur in Newport News, Virginia needed money to invest in a Mr. Handyman franchise back in 2004. Wells Fargo Bank issued an SBA franchise loan. Here are the details on this Virginia small business loan. SBA Loan Borrower COASTAL DREAMS INC SBA Loan Lender WELLS FARGO BANK The lender provided this SBA small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 236115 - New Single-Family Housing Construction (except Operative Builders) Loan Approval Date 10/20/2004 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, Coastal Dreams Inc, borrowed this money for an existing business. This loan was used to buy a Mr. Handyman franchise. At the time of the loan, the company had 9 employees. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 10 existing jobs. Getting an SBA Loan For Your Business SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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 SBA loan database. Related Links: SBA Approved Banks in San Jose, California Find an SBA Lender in California If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.
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