North Hollywood, California Business Gets SBA-Guaranteed Funding from Community Bank

Community Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a California entrepreneur was able to get a loan to take a small business to the next level.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in North Hollywood, California was able to borrow $50,700 from Community Bank. The SBA made the loan possible by guaranteeing $40,560 of this California small business loan.

SBA Loan Borrower

COMPANY TYPE: NONMETALLIC MINERAL PRODUCTS
NORTH HOLLYWOOD, CA 91605

SBA Loan Lender

COMMUNITY BANK
790 E COLORADO BLVD
PASADENA, CA 91101

This lender issued this particular SBA small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3299 - Nonmetallic Mineral Products

NAICS Code

327999 - Nonmetallic Mineral Product Manufacturing

Loan Approval Date

5/24/2000

Loan Approval Gross Amount

$50,700

Loan Approval from the SBA

Of the total $50,700 loan amount, the SBA guaranteed $40,560.

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. This SBA loan request did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a business in North Hollywood CA, you ought to talk with a local North Hollywood SBA lender or talk with an out-of-area SBA lender that has previously loaned money to North Hollywood businesses.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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:

Role of Business Plan When Raising Money

Where to Get an SBA Loan in Pasadena, California

California SBA 7A Banks