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April 20, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Los Angeles, Business Loans > Commonwealth Business Bank Los Angeles Business Loans > Full-Service Restaurants Loan | ||||
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Commonwealth Business Bank Los Angeles
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Business Loan from Commonwealth Business Bank Given to Full-Service Restaurants CompanyAn SBA loan from Commonwealth Business Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Los Angeles, California business owner got a $51,000 loan. This business received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Commonwealth Business Bank, out of Los Angeles, California. The loan was granted and they received $51,000 to help grow their Los Angeles, California business. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender COMMONWEALTH BUSINESS BANK 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 722110 - Full-Service Restaurants Loan Approval Date 11/21/2007 Loan Approval Gross Amount $51,000 Loan Approval from the SBA Of the total $51,000 loan amount, the SBA guaranteed $43,350. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 20 new jobs and retain 1 existing job. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Commonwealth Business Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Obtaining Funding - How to Decide How Much to Raise Banks in Los Angeles, California
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