Getting an SBA Loan for Drinking Places
With these commercial loans for drinking places, the SBA guarantees the lender that the loan will be repaid. This drinking places loan for $619,000 was given to a California entrepreneur in 2008.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Merced, California was able to borrow $619,000 from Community So. Bank D.B.A Commun. The SBA made the loan possible by guaranteeing $464,250 of this California small business loan.
SBA Loan Borrower
COMPANY TYPE: DRINKING PLACES
Merced, CA 95340
SBA Loan Lender
COMMUNITY SO. BANK D.B.A COMMUN
51 W MAIN ST
PARSONS, TN 38363
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
722410 - Drinking Places
Loan Approval Date
1/9/2008
Loan Approval Gross Amount
$619,000
Loan Approval from the SBA
Of the total $619,000 loan amount, the SBA guaranteed $464,250.
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 30 employees. The SBA loan documents indicated that the loan would help generate 4 new jobs and retain 26 existing jobs.
Next Steps for Getting an SBA Loan
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new 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.
Related Links:
Accountant's Role in Securing Financing
SBA 7A Banks for Parsons, Tennessee Loans
Tennessee SBA 7A Lenders