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November 21, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Los Angeles, Business Loans > Cathay Bank Los Angeles Business Loans > Metal Stamping Loan | ||||
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Cathay Bank
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Cathay Bank SBA Loan to Metal Stamping CompanyCathay Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one California entrepreneur who tapped into the power of SBA loans. This growing company received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Cathay Bank, out of Los Angeles, California. The loan was granted and they received $1,233,000 to help grow their Anaheim, California business. SBA Loan Borrower COMPANY TYPE: METAL STAMPING SBA Loan Lender CATHAY BANK This lender provides SBA debt financing as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 332116 - Metal Stamping Loan Approval Date 5/24/2007 Loan Approval Gross Amount $1,233,000 Loan Approval from the SBA Of the total $1,233,000 loan amount, the SBA guaranteed $924,750. 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 11 employees. The SBA loan documents indicated that the loan would help generate 14 new jobs and retain 25 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Many small businesses receive loans backed by the U.S. Small Business Administration. 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: Banks in Los Angeles, California
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