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November 24, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Cerritos, Business Loans > Gateway Business Bank Cerritos Business Loans > Residential Care Facilities Loan | ||||
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California Small Business SBA Loans
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California Small Business Loan Issued to Residential Care Facilities CompanyCaliforniaBank loans are available to California firms through the SBA. In this case, a California bank provides the loan. This company, based in Perris, California, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Gateway Business Bank. We've got the inside scoop on this California small business loan. SBA Loan Borrower COMPANY TYPE: RESIDENTIAL CARE FACILITIES SBA Loan Lender GATEWAY BUSINESS BANK This loan for a small business was issued under the SBA's Certified Lenders Program (CLP), which means that this bank has a successful SBA lending history and are well trained in SBA policies and procedures. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 623990 - Residential Care Facilities Loan Approval Date 11/22/2002 Loan Approval Gross Amount $552,000 Loan Approval from the SBA Of the total $552,000 loan amount, the SBA guaranteed $414,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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: Borrowing Money from Friends and Family Small Business Banks in Cerritos, California
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