Where to Get Capital for General Merchandise Stores

With these small business loans for general merchandise stores, the SBA guarantees the lender that the loan will be repaid. This general merchandise stores loan for $192,000 was given to a California entrepreneur in 2006.

This company knew how to go about getting a business bank loan. Based in San Bernardino, California, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Hanmi Bank, based in Los Angeles, California.

SBA Loan Borrower

COMPANY TYPE: GENERAL MERCHANDISE STORES
San Bernardino, CA 92407

SBA Loan Lender

HANMI BANK
3245 WILSHIRE BLVD
LOS ANGELES, CA 90010

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

2/14/2006

Loan Approval Gross Amount

$192,000

Loan Approval from the SBA

Of the total $192,000 loan amount, the SBA guaranteed $96,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Hanmi Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Small Business Loan

SBA Approved Banks in Los Angeles, California

SBA California Lenders