Business Loan from Mission Community Bank Given to Electrical Contractors And Wiring Installation Contractors Company
Mission Community Bank has a track record as a leading provider of SBA loans. Find out how this California entrepreneur received an SBA loan from them.
This small firm received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Mission Community Bank, out of San Luis Obispo, California. The loan was granted and they received $350,000 to help grow their Atascadero, California business.
SBA Loan Borrower
COMPANY TYPE: ELECTRICAL CONTRACTORS AND WIRING INSTALLATION CONTRACTORS
ATASCADERO, CA 93422
SBA Loan Lender
MISSION COMMUNITY BANK
581 HIGUERA ST
SAN LUIS OBISPO, CA 93401
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
238210 - Electrical Contractors and Wiring Installation Contractors
Loan Approval Date
5/29/2007
Loan Approval Gross Amount
$350,000
Loan Approval from the SBA
Of the total $350,000 loan amount, the SBA guaranteed $262,500.
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 3 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 3 existing jobs.
Getting an SBA Loan For Your Business
Many small businesses receive loans backed by the U.S. Small Business Administration.
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 Mission Community 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.
Related Links:
The Friends and Family Network
Best San Luis Obispo, California Banks for Small Business
SBA California Banks