SBA Loan from U.S. Bank National Association Helps Motor Vehicle Towing Company

U.S. Bank National Association 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 Santa Monica, California was able to borrow $1,657,500 from U.S. Bank National Association. The SBA made the loan possible by guaranteeing $700,128 of this California small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE TOWING
SANTA MONICA, CA 90404

SBA Loan Lender

U.S. BANK NATIONAL ASSOCIATION
425 WALNUT ST
CINCINNATI, OH 45202

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

488410 - Motor Vehicle Towing

Loan Approval Date

2/21/2008

Loan Approval Gross Amount

$1,657,500

Loan Approval from the SBA

Of the total $1,657,500 loan amount, the SBA guaranteed $700,128.

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 18 employees. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 13 existing jobs.

Next Steps for Getting an SBA Loan

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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $1,657,500 loan. Remember, feel the fear, and do it anyway.

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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