Business Loan from First Bank Given to Men's And Boys' Clothing Company

First 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 2000. They applied for an SBA loan with First Bank, out of Huntington Beach, California. The loan was granted and they received $558,000 to help grow their Los Angeles, California business.

SBA Loan Borrower

COMPANY TYPE: MEN'S AND BOYS' CLOTHING
LOS ANGELES, CA 90012

SBA Loan Lender

FIRST BANK
16900 GOLDENWEST ST
HUNTINGTON BEACH, CA 92647

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.

SIC Code

2329 - Men's and Boys' Clothing

Loan Approval Date

3/14/2000

Loan Approval Gross Amount

$558,000

Loan Approval from the SBA

Of the total $558,000 loan amount, the SBA guaranteed $418,500.

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 70 employees. The SBA loan application for the borrower indicated that the loan would help retain 70 existing jobs.

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.

This SBA loan was for $558,000. How would you spend $558,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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