Technical and Trade Schools Loans

With these loans for technical and trade schools, the SBA guarantees the lender that the loan will be repaid. This technical and trade schools loan for $297,000 was given to a California entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Irvine, California was able to borrow $297,000 from American Security Bank. The SBA made the loan possible by guaranteeing $222,750 of this California small business loan.

SBA Loan Borrower

COMPANY TYPE: VOCATIONAL SCHOOLS
IRVINE, CA 92618

SBA Loan Lender

AMERICAN SECURITY BANK
1 MACARTHUR PL, STE 110
SANTA ANA, CA 92707

When it made this small business loan, this bank was part of the SBA's Certified Lenders Program (CLP). This program aims to give expeditious service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8249 - Vocational Schools

NAICS Code

611519 - Technical and Trade Schools

Loan Approval Date

3/10/2003

Loan Approval Gross Amount

$297,000

Loan Approval from the SBA

Of the total $297,000 loan amount, the SBA guaranteed $222,750.

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 4 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

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.

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