Los Angeles, California Business Gets SBA-Guaranteed Funding from Bank Of America

An SBA loan from Bank Of America typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Los Angeles, California business owner got a $12,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Los Angeles, California was able to borrow $12,000 from Bank Of America. The SBA made the loan possible by guaranteeing $6,000 of this California small business loan.

SBA Loan Borrower

COMPANY TYPE: LEGAL SERVICES
LOS ANGELES, CA 90045

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

541199 - Legal Services

Loan Approval Date

7/3/2001

Loan Approval Gross Amount

$12,000

Loan Approval from the SBA

Of the total $12,000 loan amount, the SBA guaranteed $6,000.

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 documents indicated that the loan would help retain 1 existing job.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to raise money for a business in Los Angeles CA, you ought to talk with a local Los Angeles SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Los Angeles businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of America 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.

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