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April 19, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Richmond, Business Loans > The Mechanics Bank Richmond Business Loans > Hotels And Motels Loan | ||||
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SBA Lender Calistoga
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SBA Loan from The Mechanics Bank Helps Hotels And Motels CompanyThe Mechanics Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a California entrepreneur was able to get a loan to take a small business to the next level. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Calistoga, California was able to borrow $753,000 from The Mechanics Bank. The SBA made the loan possible by guaranteeing $564,750 of this California small business loan. SBA Loan Borrower COMPANY TYPE: HOTELS AND MOTELS SBA Loan Lender THE MECHANICS BANK The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7011 - Hotels and Motels NAICS Code 721199 - Traveler Accommodation Loan Approval Date 4/9/2003 Loan Approval Gross Amount $753,000 Loan Approval from the SBA Of the total $753,000 loan amount, the SBA guaranteed $564,750. 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 45 employees. The SBA loan documents did not indicate that the small business planned to use the money to add employees or retain any existing employees. Getting an SBA Loan For Your Business Every year, the SBA guarantees over $10 billion for loans just like this one. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like The Mechanics Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: SBA 7A Lenders in Richmond, California
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