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April 29, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Los Angeles, Business Loans > Wilshire State Bank Los Angeles Business Loans > Women's And Girls' Cut And Sew Outerwear Manufacturing Loan | ||||
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California Small Business Loans from Wilshire State Bank
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Los Angeles, California Business Gets SBA-Guaranteed Funding from Wilshire State BankWilshire State Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one California entrepreneur who tapped into the power of SBA loans. This business received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Wilshire State Bank, out of Los Angeles, California. The loan was granted and they received $1,224,000 to help grow their Los Angeles, California business. SBA Loan Borrower COMPANY TYPE: WOMEN'S AND GIRLS' CUT AND SEW OUTERWEAR MANUFACTURING SBA Loan Lender WILSHIRE STATE BANK This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 315239 - Women's and Girls' Cut and Sew Outerwear Manufacturing Loan Approval Date 9/21/2007 Loan Approval Gross Amount $1,224,000 Loan Approval from the SBA Of the total $1,224,000 loan amount, the SBA guaranteed $918,000. 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 60 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business Although it's called an SBA loan, 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. 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 Wilshire State 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: Realistic Debt Financing Options Where to Get an SBA Loan in Los Angeles, California
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