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March 29, 2024  
 
 
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California SBA Banks

 

 
Loan Census SBA Loan Info

Richmond, California Lender Lends Money to Clothing Stores Company

Thinking about meeting with a Richmond, California bank about a business loan? Here's one California business loan, issued by a Richmond bank, that was approved by the SBA.

Applying for an SBA loan with The Mechanics Bank worked out well for our friends at one local company in Antioch, California. They received an SBA loan for $60,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: CLOTHING STORES
ANTIOCH, CA 94531

SBA Loan Lender

THE MECHANICS BANK
3170 HILLTOP MALL RD
RICHMOND, CA 94806

This lender processed this SBA loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

448190 - Clothing Stores

Loan Approval Date

2/23/2007

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $30,000.

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 3 employees. This SBA loan request indicated that the loan would help generate 3 new jobs and retain 3 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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 The Mechanics 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.

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