Business Loan from Cathay Bank Given to No Industry Type Specified Company
Cathay Bank has a track record as a leading provider of SBA loans. Find out how this California entrepreneur received an SBA loan from them.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in City Of Industry (industry), California was able to borrow $874,000 from Cathay Bank. The SBA made the loan possible by guaranteeing $655,500 of this California small business loan.
SBA Loan Borrower
COMPANY TYPE: NO INDUSTRY TYPE SPECIFIED
CITY OF INDUSTRY (INDUSTRY), CA 91745
SBA Loan Lender
CATHAY BANK
777 N BROADWAY
LOS ANGELES, CA 90012
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
517212 -
Loan Approval Date
11/28/2003
Loan Approval Gross Amount
$874,000
Loan Approval from the SBA
Of the total $874,000 loan amount, the SBA guaranteed $655,500.
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 18 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 18 existing jobs.
Next Steps for Getting an SBA Loan
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Cathay Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Cathay Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.
The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.
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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