Cathay Bank Gives SBA Loan to Electrical Appliances, Television And Radio Sets Company

CaliforniaSmall business loans are available to California small business owners through the SBA. In this case, a California bank provides the loan.

You can learn something about getting a small business loan in Midway City, California by studying this loan to a local company, made back in 2000. Banks like Cathay Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL APPLIANCES, TELEVISION AND RADIO SETS
MIDWAY CITY, CA 92655

SBA Loan Lender

CATHAY BANK
777 N BROADWAY
LOS ANGELES, CA 90012

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5064 - Electrical Appliances, Television and Radio Sets

NAICS Code

421620 - Electrical Appliance, Television, and Radio Set Wholesalers

Loan Approval Date

5/2/2000

Loan Approval Gross Amount

$133,000

Loan Approval from the SBA

Of the total $133,000 loan amount, the SBA guaranteed $99,750.

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 4 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

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

Many small businesses receive loans backed by the U.S. Small Business Administration.

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