Raising Money for General Line Grocery Wholesalers

Looking for business loans for general line grocery wholesalers? An SBA loan may be just what you've been looking for. This $380,000 general line grocery wholesalers loan was issued by a Pennsylvania bank.

This small business knew how to go about getting a business bank loan. Based in Philadelphia, Pennsylvania, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Asian Bank, based in Philadelphia, Pennsylvania.

SBA Loan Borrower

COMPANY TYPE: GENERAL LINE GROCERY WHOLESALERS
PHILADELPHIA, PA 19140

SBA Loan Lender

ASIAN BANK
111 N 9TH ST
PHILADELPHIA, PA 19107

This lender issued this bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

422410 - General Line Grocery Wholesalers

Loan Approval Date

12/19/2002

Loan Approval Gross Amount

$380,000

Loan Approval from the SBA

Of the total $380,000 loan amount, the SBA guaranteed $285,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Asian Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Asian Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Small Business Credit Cards

Banks in Philadelphia, Pennsylvania

SBA Lenders in Pennsylvania