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April 24, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Corona, Business Loans > Vineyard Bank Corona Business Loans > Plumbing, Heating, And Air-Conditioning Contractors Loan | ||||
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Corona Bank Loan
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Corona, California Bank Gives SBA Loan to Plumbing, Heating, And Air-Conditioning Contractors CompanyThinking about meeting with a Corona, California bank about an SBA loan? Here's one California business loan, issued by a Corona bank, that was approved by the SBA. Applying for an SBA loan with Vineyard Bank worked out well for our friends at one local company in Lake Elsinore, California. They got an SBA loan for $47,500. Nice! SBA Loan Borrower COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING CONTRACTORS SBA Loan Lender VINEYARD BANK This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 238220 - Plumbing, Heating, and Air-Conditioning Contractors Loan Approval Date 1/31/2003 Loan Approval Gross Amount $47,500 Loan Approval from the SBA Of the total $47,500 loan amount, the SBA guaranteed $40,375. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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: Small Bank Loans in Corona, California SBA Participating Banks in California
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