Borrowing Money for Industrial Supplies Wholesalers
With these loans for industrial supplies wholesalers, the SBA guarantees the lender that the loan will be repaid. This industrial supplies wholesalers loan for $150,000 was given to a California entrepreneur in 2002.
This small firm knew how to go about getting a business bank loan. Based in San Diego, California, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was 1st Centennial Bank, based in Brea, California.
SBA Loan Borrower
COMPANY TYPE: INDUSTRIAL SUPPLIES WHOLESALERS
SAN DIEGO, CA 92123
SBA Loan Lender
1ST CENTENNIAL BANK
10 POINTE DR
BREA, CA 92821
This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
421840 - Industrial Supplies Wholesalers
Loan Approval Date
4/11/2002
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $127,500.
More Information on This SBA Loan
The borrower borrowed this money for a new 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 8 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
Although it's called an SBA loan, you 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.
Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.
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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