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December 22, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Simi Valley, Business Loans > Union Bank Of California Simi Valley Business Loans > Machine Shops Loan | ||||
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CA Business Loan from Union Bank Of California
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Business Loan from Union Bank Of California Given to Machine Shops CompanyUnion Bank Of California and the SBA work together to get business loans for growing small businesses. Here's an example of how a California entrepreneur was able to get a loan to take a small business to the next level. This growing company knew how to go about getting a business bank loan. Based in El Monte, California, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Union Bank Of California, based in Simi Valley, California. SBA Loan Borrower COMPANY TYPE: MACHINE SHOPS SBA Loan Lender UNION BANK OF CALIFORNIA This lender provides SBA loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 332710 - Machine Shops Loan Approval Date 5/15/2002 Loan Approval Gross Amount $130,400 Loan Approval from the SBA Of the total $130,400 loan amount, the SBA guaranteed $110,840. 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 4 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 4 existing jobs. Getting an SBA Loan For Your Business Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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: Banks in Simi Valley, California SBA Participating Banks in California
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