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May 7, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Los Angeles, Business Loans > Wilshire State Bank Los Angeles Business Loans > Physicians Loan | ||||
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California SBA Lenders
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Los Angeles, California Bank Gives SBA Loan to Physicians CompanyThinking about meeting with a Los Angeles, California bank about an SBA loan? Here's one California business loan, issued by a Los Angeles bank, that was approved by the SBA. Applying for an SBA loan with Wilshire State Bank worked out well for our friends at one local company in Torrance, California. They received an SBA loan for $164,000. Way to go! SBA Loan Borrower COMPANY TYPE: PHYSICIANS SBA Loan Lender WILSHIRE STATE BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 621111 - Physicians Loan Approval Date 8/27/2003 Loan Approval Gross Amount $164,000 Loan Approval from the SBA Of the total $164,000 loan amount, the SBA guaranteed $123,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 3 existing jobs. Next Steps for Getting an SBA Loan Although it's called an SBA loan, you 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Obtaining Funding From a Venture Capitalist Where to Get an SBA Loan in Los Angeles, California SBA Participating Banks in California
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