Cathay Bank SBA Loan to Nondurable Goods Company
Cathay Bank has a track record as a leading provider of SBA loans. Find out how this California entrepreneur received an SBA loan from them.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in San Jose, California was able to borrow $309,000 from Cathay Bank. The SBA made the loan possible by guaranteeing $231,750 of this California small business loan.
SBA Loan Borrower
COMPANY TYPE: NONDURABLE GOODS
SAN JOSE, CA 95112
SBA Loan Lender
CATHAY BANK
777 N BROADWAY
LOS ANGELES, CA 90012
The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA bank loans to to our country's hard-working small business owners.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5199 - Nondurable Goods
NAICS Code
422990 - Nondurable Goods Wholesalers
Loan Approval Date
7/25/2002
Loan Approval Gross Amount
$309,000
Loan Approval from the SBA
Of the total $309,000 loan amount, the SBA guaranteed $231,750.
More Information on This SBA Loan
The borrower borrowed this money for an existing 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 2 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
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:
How Much Venture Capital Is There?
Good Banks for Small Business in Los Angeles, California
Getting an SBA Loan in California