Loans From Old Closed Lenders SBA Loan to Food Preparations Company

Want a California business loan? Here's one California business loan that was approved by the SBA.

This local small business knew how to go about getting a business bank loan. Based in Paramount, California, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was Loans From Old Closed Lenders, based in Washington, District of Columbia.

SBA Loan Borrower

COMPANY TYPE: FOOD PREPARATIONS
PARAMOUNT, CA 90723

SBA Loan Lender

LOANS FROM OLD CLOSED LENDERS
409 3RD STREET S.W., SUITE 83
WASHINGTON, DC 20416

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.

SIC Code

2099 - Food Preparations

Loan Approval Date

3/28/2000

Loan Approval Gross Amount

$1,408,300

Loan Approval from the SBA

Of the total $1,408,300 loan amount, the SBA guaranteed $749,990.

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 only one employee. The loan application indicated that the loan would help generate 24 new jobs and retain 25 existing jobs.

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must 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.

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.

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