Residential Mental Retardation Facilities Commercial Loans

Looking for commercial loans for residential mental retardation facilities? An SBA loan may be just what you've been looking for. This $490,000 residential mental retardation facilities loan was issued by a Texas bank.

This business knew how to go about getting a business bank loan. Based in Bakersfield, California, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Comerica Bank, based in Dallas, Texas.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL MENTAL RETARDATION FACILITIES
BAKERSFIELD, CA 93307

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

This lender issued this SBA business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

623210 - Residential Mental Retardation Facilities

Loan Approval Date

8/4/2003

Loan Approval Gross Amount

$490,000

Loan Approval from the SBA

Of the total $490,000 loan amount, the SBA guaranteed $367,500.

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 20 employees. The SBA loan documents did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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 Comerica 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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