SBA Loan from Coast National Bank Helps Traveler Accommodation Company

Coast National Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one California entrepreneur who tapped into the power of SBA loans.

This growing company knew how to go about getting a business bank loan. Based in Morro Bay, California, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Coast National Bank, based in San Luis Obispo, California.

SBA Loan Borrower

COMPANY TYPE: TRAVELER ACCOMMODATION
MORRO BAY, CA 93442

SBA Loan Lender

COAST NATIONAL BANK
500 MARSH ST
SAN LUIS OBISPO, CA 93401

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

721199 - Traveler Accommodation

Loan Approval Date

7/16/2002

Loan Approval Gross Amount

$1,200,000

Loan Approval from the SBA

Of the total $1,200,000 loan amount, the SBA guaranteed $492,000.

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 7 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 5 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Obtaining Funding - How to Borrow Money

SBA Participating Banks in San Luis Obispo, California

Getting a Business Loan in California