Raising Money for Residential Care Facilities

With these business loans for residential care facilities, the SBA guarantees the lender that the loan will be repaid. This residential care facilities loan for $350,000 was given to a California entrepreneur in 2006.

This small business knew how to go about getting a business bank loan. Based in Buena Park, California, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Far East National Bank, based in Los Angeles, California.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL CARE FACILITIES
BUENA PARK, CA 90621

SBA Loan Lender

FAR EAST NATIONAL BANK
977 N BROADWAY
LOS ANGELES, CA 90012

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

623990 - Residential Care Facilities

Loan Approval Date

5/26/2006

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $262,500.

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 34 employees. This SBA loan request indicated that the loan would help generate 34 new jobs and retain 34 existing jobs.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Far East National Bank and they will explain how you can get an SBA loan for your company.

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:

Getting a Small Business Loan

Where to Get an SBA Loan in Los Angeles, California

California SBA 7A Lenders