Santa Cruz, California Lender Lends Money to Eating Places Company

Thinking about meeting with a Santa Cruz, California bank about an SBA loan? Here's one California business loan, issued by a Santa Cruz bank, that was approved by the SBA.

Applying for an SBA loan with Comerica Bank worked out well for our friends at one local business in Saratoga, California. The business was able to get an SBA loan for $245,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
SARATOGA, CA 95070

SBA Loan Lender

COMERICA BANK
25 RIVER ST
SANTA CRUZ, CA 95060

When it made this small business loan, the lender was part of the SBA's Certified Lenders Program (CLP). This program was created to ensure fast service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/4/2003

Loan Approval Gross Amount

$245,000

Loan Approval from the SBA

Of the total $245,000 loan amount, the SBA guaranteed $183,750.

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 10 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

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

Don't apply for a loan directly with the SBA. You need to 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.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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