Raising Money for Homes for the Elderly

With these business loans for homes for the elderly, the SBA guarantees the lender that the loan will be repaid. This homes for the elderly loan for $1,100,000 was given to a California entrepreneur in 2005.

This business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Alliance Bank, out of Culver City, California. The loan was granted and they received $1,100,000 to help grow their Fontana, California business.

SBA Loan Borrower

COMPANY TYPE: HOMES FOR THE ELDERLY
FONTANA, CA 92335

SBA Loan Lender

ALLIANCE BANK
100 CORPORATE POINTE
CULVER CITY, CA 90230

At the time this loan was granted, the lender was part of the SBA's Certified Lenders Program (CLP). This program is designed to offer speedy service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

623312 - Homes for the Elderly

Loan Approval Date

11/16/2005

Loan Approval Gross Amount

$1,100,000

Loan Approval from the SBA

Of the total $1,100,000 loan amount, the SBA guaranteed $825,000.

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 12 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

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

Direct Public Offerings

Good Banks for Small Business in Culver City, California

California SBA Banks