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November 15, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Los Angeles, Business Loans > Far East National Bank Los Angeles Business Loans > Electrical Apparatus, Equipment, Wiring Supplies And Construction Materials Loan | ||||
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SBA Lender Los Angeles
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Entrepreneur Works With Los Angeles, California Bank to Get an SBA LoanWant to talk with a Los Angeles, California bank about an SBA loan? Here's one California business loan, issued by a Los Angeles bank, that was approved by the SBA. Applying for an SBA loan with Far East National Bank worked out well for our friends at one local company in Moreno Valley, California. They received an SBA loan for $616,000. Way to go! SBA Loan Borrower COMPANY TYPE: ELECTRICAL APPARATUS, EQUIPMENT, WIRING SUPPLIES AND CONSTRUCTION MATERIALS SBA Loan Lender FAR EAST NATIONAL BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 421610 - Electrical Apparatus, Equipment, Wiring Supplies and Construction Materials Loan Approval Date 10/29/2002 Loan Approval Gross Amount $616,000 Loan Approval from the SBA Of the total $616,000 loan amount, the SBA guaranteed $462,000. 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 4 employees. The SBA loan application for the borrower indicated that the loan would help retain 4 existing jobs. Next Steps for Getting an SBA Loan Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $616,000 loan. Remember, where there is a will, there is a way! 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: Small Bank Loans in Los Angeles, California
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