Wilshire State Bank SBA Loan to Kitchen Utensil, Pot, And Pan Manufacturing Company
Wilshire State Bank has a track record as a leading provider of SBA loans. Find out how this California entrepreneur received an SBA loan from them.
This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Wilshire State Bank, out of Los Angeles, California. The loan was granted and they received $262,500 to help grow their Chatsworth, California business.
SBA Loan Borrower
COMPANY TYPE: KITCHEN UTENSIL, POT, AND PAN MANUFACTURING
CHATSWORTH, CA 91311
SBA Loan Lender
WILSHIRE STATE BANK
3200 WILSHIRE BLVD
LOS ANGELES, CA 90010
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
332214 - Kitchen Utensil, Pot, and Pan Manufacturing
Loan Approval Date
5/16/2002
Loan Approval Gross Amount
$262,500
Loan Approval from the SBA
Of the total $262,500 loan amount, the SBA guaranteed $196,875.
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 5 employees. The SBA loan application for the borrower indicated that the loan would help retain 5 existing jobs.
Getting an SBA Loan For Your Business
If you need money to start business in Chatsworth CA, you ought to talk with a local Chatsworth SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Chatsworth businesses.
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:
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SBA Approved Banks in Los Angeles, California
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