Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

SBA 7A Banks for Riverside Business Owners

 

 
Loan Census SBA Loan Info

Financing for Store Retailers

With these loans for store retailers, the SBA guarantees the lender that the loan will be repaid. This store retailers loan for $1,488,000 was given to a California entrepreneur in 2002.

This small firm knew how to go about getting a business bank loan. Based in Riverside, California, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Union Bank Of California, based in San Bernardino, California.

SBA Loan Borrower

COMPANY TYPE: STORE RETAILERS
RIVERSIDE, CA 92501

SBA Loan Lender

UNION BANK OF CALIFORNIA
140 S ARROWHEAD
SAN BERNARDINO, CA 92408

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453998 - Store Retailers

Loan Approval Date

9/20/2002

Loan Approval Gross Amount

$1,488,000

Loan Approval from the SBA

Of the total $1,488,000 loan amount, the SBA guaranteed $999,995.

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 4 employees. This SBA loan request indicated that the loan would help retain 4 existing jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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:

Angel Investors

SBA Banks in San Bernardino, California

California SBA Banks