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November 14, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Gilroy, Business Loans > South Valley National Bank A Divis Gilroy Business Loans > Locksmiths Loan | ||||
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SBA Lenders California
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Gilroy, California Bank Lends Money to Locksmiths Company in Newport Beach, CaliforniaGet to know Gilroy, California banks that specialize in business loans and know how to work with entrepreneurs. South Valley National Bank A Divis is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Newport Beach, California starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from South Valley National Bank A Divis. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: LOCKSMITHS SBA Loan Lender SOUTH VALLEY NATIONAL BANK A DIVIS 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 561622 - Locksmiths Loan Approval Date 6/1/2007 Loan Approval Gross Amount $727,500 Loan Approval from the SBA Of the total $727,500 loan amount, the SBA guaranteed $545,625. 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 11 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 11 existing jobs. Getting an SBA Loan For Your Business Remember, you 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. 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: Role of Business Plan When Raising Money SBA 7A Banks for Gilroy, California Loans
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