San Francisco, California Entrepreneur Gets an SBA Loan
SBA loans in California are hard to find these days. We take a look at one California SBA loan, provided by a California bank, that was approved by the SBA.
By giving the right information to Wells Fargo Bank, this San Francisco, California business was able to get an SBA loan. To get this loan, the applying company 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: CONFECTIONERY AND NUT STORES
SAN FRANCISCO, CA 94133
SBA Loan Lender
WELLS FARGO BANK
177 PARK AVE, STE 300, A-0514
SAN JOSE, CA 95113
This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
445292 - Confectionery and Nut Stores
Loan Approval Date
3/12/2003
Loan Approval Gross Amount
$71,000
Loan Approval from the SBA
Of the total $71,000 loan amount, the SBA guaranteed $60,350.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had 7 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
Remember, 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.
While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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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