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March 28, 2024  
 
 
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California Bank SBA Loans

 

 
Loan Census SBA Loan Info

Comerica Bank SBA Loan to Hotels And Motels Company

Looking to get a California small business loan? Here's one California business loan that was approved by the SBA.

This small business needed an SBA business loan in San Diego, California back in 2000 and, after submitting their loan application, they were successful in getting an SBA loan from Comerica Bank, operating out of Menlo Park, California. Here are the details on this California small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
SAN DIEGO, CA 92154

SBA Loan Lender

COMERICA BANK
800 OAK GROVE AVE
MENLO PARK, CA 94025

This lender issued this SBA loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7011 - Hotels and Motels

Loan Approval Date

3/28/2000

Loan Approval Gross Amount

$1,385,000

Loan Approval from the SBA

Of the total $1,385,000 loan amount, the SBA guaranteed $749,991.

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 only one employee. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Comerica Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Angel Investors

Small Bank Loans in Menlo Park, California

Getting an SBA Loan in California