Financing for Outerwear Knitting Mills

Looking for commercial loans for outerwear knitting mills? Try the SBA. This $1,088,000 outerwear knitting mills loan was issued by a California bank.

This small business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Saehan Bank, out of Los Angeles, California. The loan was granted and they received $1,088,000 to help grow their Los Angeles, California business.

SBA Loan Borrower

COMPANY TYPE: OUTERWEAR KNITTING MILLS
LOS ANGELES, CA 90007

SBA Loan Lender

SAEHAN BANK
3580 WILSHIRE BLVD, STE 1500
LOS ANGELES, CA 90010

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.

NAICS Code

315191 - Outerwear Knitting Mills

Loan Approval Date

4/13/2004

Loan Approval Gross Amount

$1,088,000

Loan Approval from the SBA

Of the total $1,088,000 loan amount, the SBA guaranteed $816,000.

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 7 employees. The loan application indicated that the loan would help retain 7 existing jobs.

Next Steps for Getting an SBA Loan

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.

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:

Business Line of Credit

Where to Get an SBA Loan in Los Angeles, California

SBA Participating Banks in California