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April 26, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Los Angeles, Business Loans > First Standard Bank Los Angeles Business Loans > Gasoline Stations With Convenience Stores Loan | ||||
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First Standard Bank
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Canoga Park, California Business Gets SBA-Guaranteed Funding from First Standard BankFirst Standard Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one California entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Canoga Park, California was able to borrow $765,000 from First Standard Bank. The SBA made the loan possible by guaranteeing $573,750 of this California small business loan. SBA Loan Borrower COMPANY TYPE: GASOLINE STATIONS WITH CONVENIENCE STORES SBA Loan Lender FIRST STANDARD BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 447110 - Gasoline Stations with Convenience Stores Loan Approval Date 3/16/2006 Loan Approval Gross Amount $765,000 Loan Approval from the SBA Of the total $765,000 loan amount, the SBA guaranteed $573,750. 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 4 employees. The SBA loan documents indicated that the loan would help retain 4 existing jobs. Next Steps for Getting an SBA Loan If you are working on finding money to start a business in Canoga Park CA, you ought to talk with a local Canoga Park SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Canoga Park 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: SBA Approved Banks in Los Angeles, California Find an SBA Lender in California
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