Center Bank SBA Loan to Eating Places Company
Center 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 Virginia entrepreneur who tapped into the power of SBA loans.
This growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Center Bank, out of Los Angeles, California. The loan was granted and they received $113,000 to help grow their Newport News, Virginia business.
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
NEWPORT NEWS, VA 23601
SBA Loan Lender
CENTER BANK
253 N WESTERN AVE
LOS ANGELES, CA 90004
This lender issued this SBA business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5812 - Eating Places
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
5/20/2004
Loan Approval Gross Amount
$113,000
Loan Approval from the SBA
Of the total $113,000 loan amount, the SBA guaranteed $96,050.
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 10 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans provide smart, affordable business financing for small businesses looking to expand.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Center Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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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