Oakland, California Bank Lends Money to African Creations in Tulsa, Oklahoma

Want to talk with an Oakland, California bank about a small business loan? Here's one Oklahoma business loan, issued by an Oakland bank, that was approved by the SBA.

Applying for an SBA loan with Innovative Bank worked out well for our friends at African Creations in Tulsa, Oklahoma. The business was able to get an SBA loan for $5,000. Sweet!

SBA Loan Borrower

AFRICAN CREATIONS
3711 SOUTH HARVARD AVE
TULSA, OK 74135

SBA Loan Lender

INNOVATIVE BANK
360 14TH ST
OAKLAND, CA 94612

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide commercial loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

448140 - Family Clothing Stores

Loan Approval Date

6/4/2004

Loan Approval Gross Amount

$5,000

Loan Approval from the SBA

Of the total $5,000 loan amount, the SBA guaranteed $4,250.

More Information on This SBA Loan

The borrower, African Creations, borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help retain 1 existing job.

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

Remember, 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.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan to African Creations shows that any business with ambition and the right qualifications can get an SBA loan.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

Business Credit Evaluation

Where to Get an SBA Loan in Oakland, California

SBA Lenders in California

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