Loan to Buy Union 76 Oil Franchise Issued By Wilshire State Bank

Need a loan to purchase an Union 76 Oil franchise? Wilshire State Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Santa Cruz, California needed money to invest in an Union 76 Oil franchise back in 2001. Wilshire State Bank issued an SBA franchise loan. Here are the details on this California small business loan.

SBA Loan Borrower

BETTY'S 76
SANTA CRUZ, CA 95060

SBA Loan Lender

WILSHIRE STATE BANK
3200 WILSHIRE BLVD
LOS ANGELES, CA 90010

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

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

12/11/2001

Loan Approval Gross Amount

$156,500

Loan Approval from the SBA

Of the total $156,500 loan amount, the SBA guaranteed $117,375.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an Union 76 Oil franchise. At the time of the loan, the company had 7 employees. The SBA loan documents indicated that the loan would help retain 7 existing jobs.

Getting an SBA Loan For Your Business

Don't forget. To get an SBA loan, you must 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 important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Wilshire State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Wilshire State Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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