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November 21, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Newport Beach, Business Loans > Commercewest Bank Newport Beach Business Loans > Automobile And Motor Vehicle Merchant Wholesalers Loan | ||||
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Irvine Small Business Loans from Commercewest Bank
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Business Loan from Commercewest Bank Given to Automobile And Motor Vehicle Merchant Wholesalers CompanyCommercewest Bank has a track record as a leading provider of SBA loans. Find out how this California entrepreneur received an SBA loan from them. Getting a small business loan in Irvine, California was an essential business goal for this small business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Commercewest Bank, operating out of Newport Beach, California. Here are the details on this California small business loan. SBA Loan Borrower COMPANY TYPE: AUTOMOBILE AND MOTOR VEHICLE MERCHANT WHOLESALERS SBA Loan Lender COMMERCEWEST BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 423110 - Automobile and Motor Vehicle Merchant Wholesalers Loan Approval Date 12/22/2005 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 10 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 11 existing jobs. Start the Process for Getting an SBA Loan Today! Don't forget. To get an SBA loan, you must 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: Determining Proper Capital Structure for a Business Find an SBA Lender in Newport Beach, California
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