California Bank Loan Issued to Outerwear Knitting Mills Company

Bank loans in California are are few and far betweeen these days. We take a look at one California bank loan, provided by a California bank, that was approved by the SBA.

This company, based in Los Angeles, California, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Cathay Bank. We've got the inside scoop on this California small business loan.

SBA Loan Borrower

COMPANY TYPE: OUTERWEAR KNITTING MILLS
LOS ANGELES, CA 90001

SBA Loan Lender

CATHAY BANK
777 N BROADWAY
LOS ANGELES, CA 90012

This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

315191 - Outerwear Knitting Mills

Loan Approval Date

8/15/2005

Loan Approval Gross Amount

$733,000

Loan Approval from the SBA

Of the total $733,000 loan amount, the SBA guaranteed $549,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 10 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.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Cathay Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

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Find an SBA Lender in Los Angeles, California

California SBA 7A Banks