Local Business Gets a California SBA Loan

Business loans in California are hard to find these days. We take a look at one California business loan, provided by a California bank, that was approved by the SBA.

Getting a small business loan in Culver City, California was a top priority for this SBA-financed company back in 2008 and, based on their loan application, they were successful in getting an SBA loan from Hana Small Business Lending Inc.. Here are the details on this California small business loan.

SBA Loan Borrower

COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING CONTRACTORS
CULVER CITY, CA 90232

SBA Loan Lender

HANA SMALL BUSINESS LENDING INC.
1000 WILSHIRE BLVD, SUITE 200
LOS ANGELES, CA 90017

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238220 - Plumbing, Heating, and Air-Conditioning Contractors

Loan Approval Date

2/4/2008

Loan Approval Gross Amount

$730,000

Loan Approval from the SBA

Of the total $730,000 loan amount, the SBA guaranteed $547,500.

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 25 employees. The SBA loan documents indicated that the loan would help retain 25 existing jobs.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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:

The Friends and Family Network

Small Business Banks in Los Angeles, California

Find an SBA Lender in California