Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

We Needed a Commercial Loan in Cabazon, California and We Got One!

 

 
Loan Census SBA Loan Info

Financing for Limited-Service Restaurants

With these commercial loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $500,000 was given to a California entrepreneur in 2007.

This small business knew how to go about getting a business bank loan. Based in Cabazon, California, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Security Pacific Bank, based in Los Angeles, California.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
CABAZON, CA 92230

SBA Loan Lender

SECURITY PACIFIC BANK
12121 WILSHIRE BLVD, STE 1350
LOS ANGELES, CA 90025

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.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

7/2/2007

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 4 employees. This SBA loan request indicated that the loan would help retain 4 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.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Security Pacific Bank and they will explain how you can get an SBA loan for your company.

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:

Business Cash Advances

Small Business Banks in Los Angeles, California

SBA California Lenders