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April 28, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Monterey, Business Loans > Monterey County Bank Monterey Business Loans > Eating Places Loan | ||||
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Salinas Business Loan from Monterey County Bank
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SBA Loan from Monterey County Bank Helps Eating Places CompanyAn SBA loan from Monterey County Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Salinas, California business owner got a $500,000 loan. Getting a small business loan in Salinas, California was an essential business goal for this company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Monterey County Bank, operating out of Monterey, California. Here are the details on this California small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender MONTEREY COUNTY BANK 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. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 1/28/2000 Loan Approval Gross Amount $500,000 Loan Approval from the SBA Of the total $500,000 loan amount, the SBA guaranteed $375,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The loan application indicated that the funding would help generate 55 new jobs. Great, But How Can I Get an SBA Loan for My Business? If you are wondering how to raise money for a business in Salinas CA, you ought to talk with a local Salinas SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Salinas 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: Who Lends Money to Small Businesses in Monterey, California Browse All Business Loan Sources for California
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