East West Bank Gives SBA Loan to Automotive Exhaust System Repair Company

Would a California small business loan help your small business to grow and prosper? If so, you may want to talk with this California bank, which offers SBA loans to California entrepreneurs.

This business, based in Torrance, California, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from East West Bank. We've got the inside scoop on this California small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE EXHAUST SYSTEM REPAIR
TORRANCE, CA 90503

SBA Loan Lender

EAST WEST BANK
135 N LOS ROBLES AVE, 7TH FL
PASADENA, CA 91101

This lender issued this loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811112 - Automotive Exhaust System Repair

Loan Approval Date

3/11/2002

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Find Start-Up Capital

Banks in Pasadena, California

SBA Participating Banks in California