Comerica Bank Gives Business Loan to Full-Service Restaurants Company
Business loans in California are are few and far betweeen these days. We take a look at one California business loan, provided by a Texas bank, that was approved by the SBA.
Getting a small business loan in San Jose, California was a top priority for this SBA-financed company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Comerica Bank. Here are the details on this California small business loan.
SBA Loan Borrower
COMPANY TYPE: FULL-SERVICE RESTAURANTS
SAN JOSE, CA 95113
SBA Loan Lender
COMERICA BANK
1717 MAIN
DALLAS, TX 75201
This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
6/18/2004
Loan Approval Gross Amount
$1,020,000
Loan Approval from the SBA
Of the total $1,020,000 loan amount, the SBA guaranteed $765,000.
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 3 employees. The loan application indicated that the loan would help generate 42 new jobs and retain 3 existing jobs.
Next Steps for Getting an SBA Loan
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
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.
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