Entrepreneur Works With San Jose, California Bank to Get an SBA Loan
Thinking about meeting 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 Wells Fargo Bank worked out well for our friends at one local business in San Fernando, California. The business was able to get an SBA loan for $150,000. Sweet!
SBA Loan Borrower
COMPANY TYPE: GLASS PRODUCT MANUFACTURING MADE OF PURCHASED GLASS
SAN FERNANDO, CA 91340
SBA Loan Lender
WELLS FARGO BANK
121 PARK CENTER PLZ
SAN JOSE, CA 95113
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
327215 - Glass Product Manufacturing Made of Purchased Glass
Loan Approval Date
9/20/2005
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $127,500.
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 18 employees. The SBA loan documents did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
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 Wells Fargo Bank 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
SBA Banks in San Jose, California
California SBA 7A Lenders