Business Loan from Innovative Bank Given to Lumber, Plywood, Millwork, And Wood Panel Merchant Wholesalers Company
Innovative Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Maryland entrepreneur was able to get a loan to take a small business to the next level.
This small firm knew how to go about getting a business bank loan. Based in Baltimore Highlands, Maryland, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Innovative Bank, based in Oakland, California.
SBA Loan Borrower
COMPANY TYPE: LUMBER, PLYWOOD, MILLWORK, AND WOOD PANEL MERCHANT WHOLESALERS
BALTIMORE HIGHLANDS, MD 21207
SBA Loan Lender
INNOVATIVE BANK
360 14TH ST
OAKLAND, CA 94612
This SBA small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
423310 - Lumber, Plywood, Millwork, and Wood Panel Merchant Wholesalers
Loan Approval Date
5/1/2003
Loan Approval Gross Amount
$6,000
Loan Approval from the SBA
Of the total $6,000 loan amount, the SBA guaranteed $5,100.
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 2 employees. The SBA loan application for the borrower indicated that the loan would help retain 2 existing jobs.
Getting an SBA Loan For Your Business
The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $6,000 loan. Remember, feel the fear, and do it anyway.
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:
504 Loans
SBA Participating Banks in Oakland, California
SBA California Banks