San Jose, California Bank Lends Money to Car Washes Company in Rancho Mirage, California
Want to talk with a San Jose, California bank about an SBA loan? Here's one California business loan, issued by a San Jose bank, that was approved by the SBA.
Applying for an SBA loan with Heritage Bank Of Commerce worked out well for our friends at one local firm in Rancho Mirage, California. The business was able to get an SBA loan for $1,725,000. Great job!
SBA Loan Borrower
COMPANY TYPE: CAR WASHES
RANCHO MIRAGE, CA 92270
SBA Loan Lender
HERITAGE BANK OF COMMERCE
150 ALMADEN BLVD
SAN JOSE, CA 95113
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
811192 - Car Washes
Loan Approval Date
7/11/2003
Loan Approval Gross Amount
$1,725,000
Loan Approval from the SBA
Of the total $1,725,000 loan amount, the SBA guaranteed $999,810.
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 20 employees. The SBA loan application for the borrower indicated that the loan would help retain 20 existing jobs.
Next Steps for Getting an SBA Loan
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Heritage Bank Of Commerce and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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:
SBIR Funding
Banks in San Jose, California
SBA California Lenders