Business Loan from South Cnty Bank Given to Accounting Services Company

South Cnty Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one California entrepreneur who tapped into the power of SBA loans.

This business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with South Cnty Bank, out of Rancho Santa Margarit, California. The loan was granted and they received $580,500 to help grow their Irvine, California business.

SBA Loan Borrower

COMPANY TYPE: ACCOUNTING SERVICES
Irvine, CA 92618

SBA Loan Lender

SOUTH CNTY BANK
22342 AVENIDA EMPRESA, STE A1
RANCHO SANTA MARGARIT, CA 92688

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

541219 - Accounting Services

Loan Approval Date

11/15/2005

Loan Approval Gross Amount

$580,500

Loan Approval from the SBA

Of the total $580,500 loan amount, the SBA guaranteed $435,375.

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 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a business 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into South Cnty Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Getting a Small Business Loan

Good Banks for Small Business in Rancho Santa Margarit, California

Where to Get an SBA Loan California