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December 20, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Irvine, Business Loans > Spectrum Bank Irvine Business Loans > Cottman Transmission Loan | ||||
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SBA Lenders for Sunnyvale, California Businesses
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Sunnyvale, CA Entrepreneur Gets SBA Loan to Buy Cottman Transmission FranchiseBorrowing money to purchase a Cottman Transmission franchise? Spectrum Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Cottman Transmission franchise may simply require a phone call to a local SBA banker. In 2005, Spectrum Bank issued an SBA franchise loan to an entrepreneur in Sunnyvale, California. Because Cottman Transmission was registered with the SBA's registry of franchises, this California small business loan was issued on an expedited basis. SBA Loan Borrower COTTMAN TRANSMISSION SBA Loan Lender SPECTRUM BANK This lender issued this particular SBA business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811111 - General Automotive Repair Loan Approval Date 4/29/2005 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Cottman Transmission franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the company promised to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Spectrum Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Spectrum Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Best Banks for Small Business in Irvine, California
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