Company Gets a California Small Business Loan

CaliforniaSBA loans are available to California entrepreneurs through the SBA. In this case, a California bank provides the loan.

You can learn something about getting a small business loan in Irvine, California by studying this loan to a local business, made back in 2005. Banks like Cathay Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: DURABLE GOODS MERCHANT WHOLESALERS
IRVINE, CA 92618

SBA Loan Lender

CATHAY BANK
777 N BROADWAY
LOS ANGELES, CA 90012

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423990 - Durable Goods Merchant Wholesalers

Loan Approval Date

9/14/2005

Loan Approval Gross Amount

$694,500

Loan Approval from the SBA

Of the total $694,500 loan amount, the SBA guaranteed $520,875.

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 5 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 5 existing jobs.

Next Steps for Getting an SBA Loan

If you need business start up money in Irvine CA, you ought to talk with a local Irvine SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Irvine businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Cathay Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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.

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