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April 25, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Los Angeles, Business Loans > Center Bank Los Angeles Business Loans > Audio And Video Equipment Manufacturing Loan | ||||
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Getting an SBA 7A Loan in Commerce, California
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Center Bank Gives Bank Loan to Audio And Video Equipment Manufacturing CompanyBusiness loans in California are hard to find these days. We take a look at one California business loan, provided by a California bank, that was approved by the SBA. This small business, based in Commerce, California, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Center Bank. We've got the inside scoop on this California small business loan. SBA Loan Borrower COMPANY TYPE: AUDIO AND VIDEO EQUIPMENT MANUFACTURING SBA Loan Lender CENTER BANK This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 334310 - Audio and Video Equipment Manufacturing Loan Approval Date 6/19/2003 Loan Approval Gross Amount $457,500 Loan Approval from the SBA Of the total $457,500 loan amount, the SBA guaranteed $343,125. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The loan application indicated that the loan would help retain 4 existing jobs. Start the Process for Getting an SBA Loan Today! Every year, the SBA guarantees over $10 billion for loans just like this one. 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: Role of Business Plan When Raising Money Best Los Angeles, California Banks for Small Business SBA Participating Banks in California
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