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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Los Angeles, Business Loans > Nara Bank Los Angeles Business Loans > Drycleaning And Laundry Services Loan | ||||
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California Bank SBA Loans
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Business Loan from Nara Bank Given to Drycleaning And Laundry Services CompanyAn SBA loan from Nara Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Hanover Park, Illinois business owner got a $120,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hanover Park, Illinois was able to borrow $120,000 from Nara Bank. The SBA made the loan possible by guaranteeing $102,000 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES SBA Loan Lender NARA BANK 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 812320 - Drycleaning and Laundry Services Loan Approval Date 5/26/2004 Loan Approval Gross Amount $120,000 Loan Approval from the SBA Of the total $120,000 loan amount, the SBA guaranteed $102,000. 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 11 employees. This SBA loan request indicated that the loan would help retain 11 existing jobs. Getting an SBA Loan For Your 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. Related Links: Best Banks for Small Business in Los Angeles, California
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