Entrepreneur Works With Dallas, Texas Bank to Get an SBA Loan

Thinking about meeting with a Dallas, Texas bank about a small business loan? Here's one California business loan, issued by a Dallas bank, that was approved by the SBA.

Applying for an SBA loan with Comerica Bank worked out well for our friends at one local company in El Cajon, California. They got an SBA loan for $1,332,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
EL CAJON, CA 92020

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

This SBA loan was sent in by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a comprehensive analysis of the loan application and, in return, SBA promises a quick answer on whether the loan qualifies.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7011 - Hotels and Motels

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

8/7/2001

Loan Approval Gross Amount

$1,332,000

Loan Approval from the SBA

Of the total $1,332,000 loan amount, the SBA guaranteed $999,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

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

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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.

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