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November 14, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Cerritos, Business Loans > Gateway Business Bank Cerritos Business Loans > Automotive Repair And Maintenance Loan | ||||
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Business Loans for Long Beach Businesses
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Business Loans for Automotive Repair and MaintenanceWith these business loans for automotive repair and maintenance, the SBA guarantees the lender that the loan will be repaid. This automotive repair and maintenance loan for $400,000 was given to a California entrepreneur in 2005. Getting a small business loan in Long Beach, California was important for this small business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Gateway Business Bank, operating out of Cerritos, California. Here are the details on this California small business loan. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE REPAIR AND MAINTENANCE SBA Loan Lender GATEWAY BUSINESS BANK 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 811198 - Automotive Repair and Maintenance Loan Approval Date 6/14/2005 Loan Approval Gross Amount $400,000 Loan Approval from the SBA Of the total $400,000 loan amount, the SBA guaranteed $300,000. 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 only one employee. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 20 existing jobs. Start the Process for Getting an SBA Loan Today! If you need money to start a small business or need money for an existing business, an SBA loan can be a great source of funding. 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: Small Bank Loans in Cerritos, California Find an SBA Lender in California
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