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April 19, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Los Angeles, Business Loans > Nara Bank Los Angeles Business Loans > Full-Service Restaurants Loan | ||||
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Texas Small Business Funding
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Full-Service Restaurants Commercial LoansLooking for commercial loans for full-service restaurants? An SBA loan may be just what you've been looking for. This $291,000 full-service restaurants loan was issued by a California bank. This business knew how to go about getting a business bank loan. Based in Mckinney, Texas, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Nara Bank, based in Los Angeles, California. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender NARA 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 5/12/2005 Loan Approval Gross Amount $291,000 Loan Approval from the SBA Of the total $291,000 loan amount, the SBA guaranteed $218,250. 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. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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: Microlending as a Small Business Funding Source Who Lends Money to Small Businesses in Los Angeles, California Browse All Business Loan Sources for California
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