Business Loan from Sterling Savings Bank Given to Lawyers Company

Sterling Savings Bank 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.

This growing company knew how to go about getting a business bank loan. Based in Santa Rosa, California, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Sterling Savings Bank, based in Santa Rosa, California.

SBA Loan Borrower

COMPANY TYPE: LAWYERS
SANTA ROSA, CA 95401

SBA Loan Lender

STERLING SAVINGS BANK
801 FOURTH ST
SANTA ROSA, CA 95404

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

541110 - Lawyers

Loan Approval Date

5/6/2004

Loan Approval Gross Amount

$634,500

Loan Approval from the SBA

Of the total $634,500 loan amount, the SBA guaranteed $475,875.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 6 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you need business start up money in Santa Rosa CA, you ought to talk with a local Santa Rosa SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Santa Rosa 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:

Business Line of Credit

SBA Approved Banks in Santa Rosa, California

California SBA 7A Lenders