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November 15, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Alhambra, Business Loans > Cathay Bank Alhambra Business Loans > Retail Bakeries Loan | ||||
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SBA Lenders in California
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Hayward, California Business Gets SBA-Guaranteed Funding from Cathay BankCathay Bank has a track record as a leading provider of SBA loans. Find out how this California entrepreneur received an SBA loan from them. This growing company knew how to go about getting a business bank loan. Based in Hayward, California, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Cathay Bank, based in Alhambra, California. SBA Loan Borrower COMPANY TYPE: RETAIL BAKERIES SBA Loan Lender CATHAY BANK This SBA business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 311811 - Retail Bakeries Loan Approval Date 3/27/2003 Loan Approval Gross Amount $300,000 Loan Approval from the SBA Of the total $300,000 loan amount, the SBA guaranteed $225,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 67 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. 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: Obtaining Funding - Friends and Family Best Banks for Small Business in Alhambra, California
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