Local Business Gets a California SBA Loan
Business loans in California are are few and far betweeen these days. We take a look at one California business loan, provided by a California bank, that was approved by the SBA.
By giving the right information to Temecula Valley Bank, this Redding, California business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
REDDING, CA 96049
SBA Loan Lender
TEMECULA VALLEY BANK
27710 JEFFERSON AVE, A-100
TEMECULA, CA 92590
This SBA bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5812 - Eating Places
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
3/7/2005
Loan Approval Gross Amount
$756,000
Loan Approval from the SBA
Of the total $756,000 loan amount, the SBA guaranteed $567,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 20 employees. The SBA loan documents did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Temecula Valley Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.
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:
Obtaining Funding - Friends and Family
Best Banks for Small Business in Temecula, California
Getting an SBA Loan in California