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May 3, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Los Angeles, Business Loans > Cathay Bank Los Angeles Business Loans > Automotive Body, Paint, And Interior Repair And Maintenance Loan | ||||
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Advice for Small Business Owners On Getting a Loan
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How to Get a Loan for Automotive Body, Paint, and Interior Repair and MaintenanceWith these business loans for automotive body, paint, and interior repair and maintenance, the SBA guarantees the lender that the loan will be repaid. This automotive body, paint, and interior repair and maintenance loan for $450,000 was given to a California entrepreneur in 2002. This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Cathay Bank, out of Los Angeles, California. The loan was granted and they received $450,000 to help grow their El Cerrito, California business. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE SBA Loan Lender CATHAY BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA business loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811121 - Automotive Body, Paint, and Interior Repair and Maintenance Loan Approval Date 11/8/2002 Loan Approval Gross Amount $450,000 Loan Approval from the SBA Of the total $450,000 loan amount, the SBA guaranteed $337,500. 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. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process. 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: Advice on Getting a Small Business Loan Banks in Los Angeles, California
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