Entrepreneur Works With Monterey Park, California Bank to Get an SBA Loan

Get to know Monterey Park, California banks that specialize in SBA loans and know how to work with entrepreneurs. Gbc International Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in North Hollywood, California starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Gbc International Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANING
NORTH HOLLYWOOD, CA 91606

SBA Loan Lender

GBC INTERNATIONAL BANK
168 W GARVEY AVE
MONTEREY PARK, CA 91754

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7215 - Coin-Operated Laundries and Drycleaning

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

8/31/2000

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $68,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 only one employee. The SBA loan documents 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 loans provide smart, affordable business financing for small businesses looking to expand.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Equity Financing

Small Business Banks in Monterey Park, California

SBA Participating Banks in California