Cerritos, California Bank Gives SBA Loan to General Automotive Repair Company

Thinking about meeting with a Cerritos, California bank about a small business loan? Here's one California business loan, issued by a Cerritos bank, that was approved by the SBA.

Applying for an SBA loan with Gateway Business Bank worked out well for our friends at one local firm in Long Beach, California. They got an SBA loan for $240,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
LONG BEACH, CA 90805

SBA Loan Lender

GATEWAY BUSINESS BANK
18000 STUDEBAKER, STE 550
CERRITOS, CA 90703

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

7/18/2003

Loan Approval Gross Amount

$240,000

Loan Approval from the SBA

Of the total $240,000 loan amount, the SBA guaranteed $180,000.

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 3 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $240,000 loan. Remember, if it to be, it is up to me!

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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