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November 15, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Porterville, Business Loans > Bank Of The Sierra Porterville Business Loans > Drycleaning And Laundry Services Loan | ||||
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Bank Of The Sierra
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SBA Loan from Bank Of The Sierra Helps Drycleaning And Laundry Services CompanyBank Of The Sierra and the SBA work together to get business loans for growing small businesses. Here's an example of how a California entrepreneur was able to get a loan to take a small business to the next level. This growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Bank Of The Sierra, out of Porterville, California. The loan was granted and they received $250,000 to help grow their Tehachapi, California business. SBA Loan Borrower COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES SBA Loan Lender BANK OF THE SIERRA SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812320 - Drycleaning and Laundry Services Loan Approval Date 9/3/2004 Loan Approval Gross Amount $250,000 Loan Approval from the SBA Of the total $250,000 loan amount, the SBA guaranteed $187,500. 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 6 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 7 existing jobs. Next Steps for Getting an SBA Loan If you are working on finding money to start a business in Tehachapi CA, you ought to talk with a local Tehachapi SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Tehachapi 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: Obtaining Funding - How to Borrow Money Where to Get an SBA Loan in Porterville, California
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