Local Business Gets a California Business Loan

Would a California business loan help your company expand? If so, you may want to talk with this New Jersey bank, which offers SBA loans to California entrepreneurs.

Getting a small business loan in Huntington Beach, California was a top priority for this SBA-financed company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Cit Small Business Lending Corp. Here are the details on this California small business loan.

SBA Loan Borrower

COMPANY TYPE: POLYSTYRENE FOAM PRODUCT MANUFACTURING
Huntington Beach, CA 92648

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

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

326140 - Polystyrene Foam Product Manufacturing

Loan Approval Date

7/10/2007

Loan Approval Gross Amount

$414,000

Loan Approval from the SBA

Of the total $414,000 loan amount, the SBA guaranteed $310,500.

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. The SBA loan documents indicated that the loan would help retain 4 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.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Cit Small Business Lending Corp and they will explain how you can get an SBA loan for your company.

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:

How to Raise Money

Best Banks in Livingston, New Jersey

Where to Get an SBA Loan New Jersey