Richmond, California Entrepreneur Gets a Business Loan

Looking to get a California bank loan? This California entrepreneur got a bank loan, provided by a California bank that works with the SBA to help small business owners.

By giving the right information to The Mechanics Bank, this Richmond, California business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOLS, METAL CUTTING TYPES
RICHMOND, CA 94804

SBA Loan Lender

THE MECHANICS BANK
1001 W CUTTING BLVD
POINT RICHMOND, CA 94804

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3541 - Machine Tools, Metal Cutting Types

NAICS Code

333412 - Industrial and Commercial Fan and Blower Manufacturing

Loan Approval Date

10/27/2003

Loan Approval Gross Amount

$602,000

Loan Approval from the SBA

Of the total $602,000 loan amount, the SBA guaranteed $451,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 8 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

This SBA loan was for $602,000. How would you spend $602,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

How to Raise Money

SBA 7A Lenders in Point Richmond, California

Getting a Business Loan in California