Business Loan from Community Bank Given to Limited-Service Restaurants Company
Community 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 small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Community Bank, out of Pasadena, California. The loan was granted and they received $1,000,000 to help grow their Beverly Hills, California business.
SBA Loan Borrower
COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
BEVERLY HILLS, CA 90211
SBA Loan Lender
COMMUNITY BANK
790 E COLORADO BLVD
PASADENA, CA 91101
This lender issued this loan for a small business under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
4/9/2001
Loan Approval Gross Amount
$1,000,000
Loan Approval from the SBA
Of the total $1,000,000 loan amount, the SBA guaranteed $750,000.
More Information on This SBA Loan
The borrower borrowed this money for a new 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 35 employees. The loan application did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.
Getting an SBA Loan For Your Business
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $1,000,000 loan. Remember, things become real when you believe you can achieve them!
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:
SBIR Funding
Small Business Banks in Pasadena, California
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