SBA Loan from Mission National Bank Helps Hotels And Motels Company
Mission National Bank has a track record as a leading provider of SBA loans. Find out how this California entrepreneur received an SBA loan from them.
Getting a small business loan in Modesto, California was an essential business goal for this company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Mission National Bank, operating out of San Francisco, California. Here are the details on this California small business loan.
SBA Loan Borrower
COMPANY TYPE: HOTELS AND MOTELS
MODESTO, CA 95354
SBA Loan Lender
MISSION NATIONAL BANK
3060 16TH ST
SAN FRANCISCO, CA 94103
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
721110 - Hotels and Motels
Loan Approval Date
7/31/2007
Loan Approval Gross Amount
$120,000
Loan Approval from the SBA
Of the total $120,000 loan amount, the SBA guaranteed $102,000.
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 5 employees. This SBA loan request indicated that the loan would help retain 5 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
If you need business start up money in Modesto CA, you ought to talk with a local Modesto SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Modesto businesses.
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.
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