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

Want to talk with a Redding, California bank about a small business loan? Here's one California business loan, issued by a Redding bank, that was approved by the SBA.

Applying for an SBA loan with North Valley Bank worked out well for our friends at one local company in Cottnwood, California. The business was able to get an SBA loan for $63,750. Awesome!

SBA Loan Borrower

COMPANY TYPE: HOMES FOR THE ELDERLY
COTTNWOOD, CA 96022

SBA Loan Lender

NORTH VALLEY BANK
300 PARK MARINA CIR
REDDING, CA 96001

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

623312 - Homes for the Elderly

Loan Approval Date

6/26/2007

Loan Approval Gross Amount

$63,750

Loan Approval from the SBA

Of the total $63,750 loan amount, the SBA guaranteed $54,187.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 2 existing jobs.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into North Valley Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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