Chino, CA Entrepreneur Gets SBA Loan to Buy Mobil Oil stations Franchise

Borrowing money to purchase a Mobil Oil stations franchise? Cathay Bank has a history of making these loans and they are guaranteed by the SBA.

Mobil Oil stations franchise loans are available to Chino, California entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Cathay Bank, based in Los Angeles, California, issued an SBA franchise loan for a Mobil Oil stations franchise in 2004. We've got all the details on this California small business loan.

SBA Loan Borrower

EL PETRO LOCO
CHINO, CA 91710

SBA Loan Lender

CATHAY BANK
777 N BROADWAY
LOS ANGELES, CA 90012

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

11/15/2004

Loan Approval Gross Amount

$756,000

Loan Approval from the SBA

Of the total $756,000 loan amount, the SBA guaranteed $567,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Mobil Oil stations franchise. At the time of the loan, the company had 6 employees. The loan application indicated that the loan would help retain 6 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to raise money for a company in Chino CA, you ought to talk with a local Chino SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Chino businesses.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Cathay Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Microlending as a Small Business Funding Source

Banks in Los Angeles, California

California SBA Bank Lenders