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December 22, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > New York City, Business Loans > Shinhan Bank America New York City Business Loans > Mortgage And Nonmortgage Loan Brokers Loan | ||||
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SBA Lenders in California
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Shinhan Bank America SBA Loan to Mortgage And Nonmortgage Loan Brokers CompanyShinhan Bank America is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one California entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in San Jose, California was able to borrow $1,348,000 from Shinhan Bank America. The SBA made the loan possible by guaranteeing $1,011,000 of this California small business loan. SBA Loan Borrower COMPANY TYPE: MORTGAGE AND NONMORTGAGE LOAN BROKERS SBA Loan Lender SHINHAN BANK AMERICA Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 522310 - Mortgage and Nonmortgage Loan Brokers Loan Approval Date 10/27/2005 Loan Approval Gross Amount $1,348,000 Loan Approval from the SBA Of the total $1,348,000 loan amount, the SBA guaranteed $1,011,000. 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 34 employees. This SBA loan request indicated that the loan would help retain 34 existing jobs. Next Steps for Getting an SBA Loan SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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. Related Links: Microlending as a Small Business Funding Source Best New York City, New York Banks for Small Business Find an SBA Lender in New York
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