Business Loans for Clothing Accessories Stores
Looking for business loans for clothing accessories stores? Talk to a banker who works with the SBA. This $75,000 clothing accessories stores loan was issued by a California bank.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Northridge, California was able to borrow $75,000 from Community Bank. The SBA made the loan possible by guaranteeing $60,000 of this California small business loan.
SBA Loan Borrower
COMPANY TYPE: SPORTING GOODS STORES AND BICYCLE SHOPS
NORTHRIDGE, CA 91324
SBA Loan Lender
COMMUNITY BANK
790 E COLORADO BLVD
PASADENA, CA 91101
This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5941 - Sporting Goods Stores and Bicycle Shops
NAICS Code
448150 - Clothing Accessories Stores
Loan Approval Date
10/25/2000
Loan Approval Gross Amount
$75,000
Loan Approval from the SBA
Of the total $75,000 loan amount, the SBA guaranteed $60,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had only one employee. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
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.
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