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April 29, 2024 |
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| Home > Small Business Lenders by State > Colorado Business Loan Sources > Los Angeles, Business Loans > Pacific City Bank Los Angeles Business Loans > Hotels And Motels Loan | ||||
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California Bank SBA Loans
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Business Loan from Pacific City Bank Given to Hotels And Motels CompanyPacific City Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Colorado entrepreneur was able to get a loan to take a small business to the next level. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Denver, Colorado was able to borrow $1,955,000 from Pacific City Bank. The SBA made the loan possible by guaranteeing $1,466,250 of this Colorado small business loan. SBA Loan Borrower COMPANY TYPE: HOTELS AND MOTELS SBA Loan Lender PACIFIC CITY BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 721110 - Hotels and Motels Loan Approval Date 9/26/2007 Loan Approval Gross Amount $1,955,000 Loan Approval from the SBA Of the total $1,955,000 loan amount, the SBA guaranteed $1,466,250. 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 10 employees. The SBA loan application for the borrower indicated that the loan would help generate 12 new jobs and retain 12 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Pacific City Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Family and Friend Investors - Your First Financiers Small Business Banks in Los Angeles, California
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