Borrego Springs Bank SBA Loan to Air-Conditioning, Refrigeration And Heating Company

Want an Arizona small business loan? Here's one Arizona business loan that was approved by the SBA.

This local small business knew how to go about getting a business bank loan. Based in Tucson, Arizona, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was Borrego Springs Bank, based in Borrego Springs, California.

SBA Loan Borrower

COMPANY TYPE: AIR-CONDITIONING, REFRIGERATION AND HEATING
TUCSON, AZ 85730

SBA Loan Lender

BORREGO SPRINGS BANK
587 PALM CANYON DR, STE 101
BORREGO SPRINGS, CA 92004

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3585 - Air-Conditioning, Refrigeration and Heating

Loan Approval Date

2/24/2000

Loan Approval Gross Amount

$146,300

Loan Approval from the SBA

Of the total $146,300 loan amount, the SBA guaranteed $109,725.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 5 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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:

Investor Turnoffs

Small Business Banks in Borrego Springs, California

Browse All Business Loan Sources for California