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November 15, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Los Angeles, Business Loans > Commonwealth Business Bank Los Angeles Business Loans > Full-Service Restaurants Loan | ||||
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Commonwealth Business Bank
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SBA Loan from Commonwealth Business Bank Helps Full-Service Restaurants CompanyAn SBA loan from Commonwealth Business Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Pasadena, California business owner got a $975,000 loan. This growing company received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Commonwealth Business Bank, out of Los Angeles, California. The loan was granted and they received $975,000 to help grow their Pasadena, California business. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender COMMONWEALTH BUSINESS BANK 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 722110 - Full-Service Restaurants Loan Approval Date 8/9/2006 Loan Approval Gross Amount $975,000 Loan Approval from the SBA Of the total $975,000 loan amount, the SBA guaranteed $731,250. 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 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 4 new jobs and retain 2 existing jobs. Getting an SBA Loan For Your Business SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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: Family and Friend Investors - Your First Financiers Find an SBA Lender in Los Angeles, California
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