Covina, California Business Gets SBA-Guaranteed Funding from Comerica Bank

An SBA loan from Comerica Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Covina, California business owner got a $300,600 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Covina, California was able to borrow $300,600 from Comerica Bank. The SBA made the loan possible by guaranteeing $225,450 of this California small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
COVINA, CA 91722

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

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

812112 - Beauty Salons

Loan Approval Date

1/25/2002

Loan Approval Gross Amount

$300,600

Loan Approval from the SBA

Of the total $300,600 loan amount, the SBA guaranteed $225,450.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 5 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 5 existing jobs.

Start the Process for Getting an SBA Loan Today!

Every year, the SBA guarantees over $10 billion for loans just like this one.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Comerica Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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