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November 14, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Rancho Santa Margarit, Business Loans > South Cnty Bank Rancho Santa Margarit Business Loans > Specialized Local Freight Trucking Loan | ||||
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California Bank SBA Loans
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Entrepreneur Works With Rancho Santa Margarit, California Bank to Get an SBA LoanWant to talk with a Rancho Santa Margarit, California bank about a business loan? Here's one California business loan, issued by a Rancho Santa Margarit bank, that was approved by the SBA. Applying for an SBA loan with South Cnty Bank worked out well for our friends at one local firm in Lake Elsinore, California. They received an SBA loan for $242,000. Great job! SBA Loan Borrower COMPANY TYPE: SPECIALIZED LOCAL FREIGHT TRUCKING SBA Loan Lender SOUTH CNTY BANK This lender issued this SBA small business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 484220 - Specialized Local Freight Trucking Loan Approval Date 1/10/2002 Loan Approval Gross Amount $242,000 Loan Approval from the SBA Of the total $242,000 loan amount, the SBA guaranteed $181,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the small business promised to use the money to add employees or retain any existing employees. 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. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like South Cnty 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. Related Links: Obtaining Funding - Getting Venture Capital Where to Get an SBA Loan in Rancho Santa Margarit, California
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