Los Angeles, California Bank Gives SBA Loan to Family Clothing Stores Company

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

Applying for an SBA loan with Wilshire State Bank worked out well for our friends at one local company in Commerce City, Colorado. They got an SBA loan for $717,500. Sweet!

SBA Loan Borrower

COMPANY TYPE: FAMILY CLOTHING STORES
Commerce City, CO 80022

SBA Loan Lender

WILSHIRE STATE BANK
3200 WILSHIRE BLVD
LOS ANGELES, CA 90010

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

448140 - Family Clothing Stores

Loan Approval Date

8/24/2006

Loan Approval Gross Amount

$717,500

Loan Approval from the SBA

Of the total $717,500 loan amount, the SBA guaranteed $538,125.

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 loan application did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Wilshire State 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:

Understanding Dilution

Who Lends Money to Small Businesses in Los Angeles, California

Find an SBA Lender in California