Raising Money for Specialty Trade Contractors
With these business loans for specialty trade contractors, the SBA guarantees the lender that the loan will be repaid. This specialty trade contractors loan for $150,000 was given to a California entrepreneur in 2003.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Morro Bay, California was able to borrow $150,000 from First Bank - San Luis Obispo A D. The SBA made the loan possible by guaranteeing $75,000 of this California small business loan.
SBA Loan Borrower
COMPANY TYPE: SPECIALTY TRADE CONTRACTORS
MORRO BAY, CA 93442
SBA Loan Lender
FIRST BANK - SAN LUIS OBISPO A D
995 HIGUERA ST
SAN LUIS OBISPO, CA 93401
This SBA bank loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
NAICS Code
238990 - Specialty Trade Contractors
Loan Approval Date
2/11/2003
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $75,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had 20 employees. The SBA loan documents indicated that the loan would help retain 20 existing jobs.
Next Steps for Getting an SBA Loan
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
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 First Bank - San Luis Obispo A D 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:
Determining Proper Capital Structure for a Business
Best Banks for Small Business in San Luis Obispo, California
Getting an SBA Loan in California