Entrepreneur Works With Cerritos, California Bank to Get an SBA Loan

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

Applying for an SBA loan with Gateway Business Bank worked out well for our friends at one local firm in Bellflower, California. The business was able to get an SBA loan for $150,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE
BELLFLOWER, CA 90706

SBA Loan Lender

GATEWAY BUSINESS BANK
18000 STUDEBAKER RD, STE 550
CERRITOS, CA 90703

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

4/3/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 17 employees. This SBA loan request did not indicate that the business planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a small business or need money for an existing business, an SBA loan can be a great funding source

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Gateway Business Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there 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:

How to Raise Money

Small Business Banks in Cerritos, California

California SBA 7A Lenders