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Commonwealth Business Bank

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Description

Offering comprehensive SBA financing options, this commercial bank specializes in supporting small businesses with their funding needs. Located in the heart of Los Angeles, it provides tailored lending solutions including SBA 7(a) loans, which are ideal for business expansion, working capital, or equipment purchases. The bank’s experienced staff work closely with clients to understand their unique financial situations and craft suitable loan packages. With a history of approving loans up to $626,000, it demonstrates a strong commitment to helping local entrepreneurs grow their businesses. Their expertise extends across various industries, with a focus on real estate and commercial property financing. The bank’s services are designed to streamline the borrowing process, ensuring quick and efficient access to capital for qualified borrowers. Whether you’re a startup or an established company, they aim to facilitate your business goals through flexible lending options and personalized support.

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Q&A

Lender Type
Commercial Bank
Google Rating
5
Google Review Count
6
Question 1
What is this place and what can I find here?
Answer 1
This is a commercial bank offering SBA financing options, including 7(a) loans, to support small business growth. You can find tailored lending solutions, expert guidance, and quick approval processes designed to help entrepreneurs access capital efficiently.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It is recommended to schedule an appointment to ensure dedicated service, but walk-ins are also welcome depending on availability. Calling ahead can help you prepare for your visit and streamline the process.
Question 3
What are the hours of operation?
Answer 3
The bank typically operates from 9:00 AM to 5:00 PM, Monday through Friday. It"s advisable to check directly with the branch for specific hours or any holiday closures.
Question 4
Is there a fee to use this?
Answer 4
There are fees associated with SBA loans, including origination and closing costs, which vary based on the loan amount and terms. These fees are disclosed upfront during the application process.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves small business owners and entrepreneurs in the Los Angeles area. Applicants must meet specific eligibility criteria, including creditworthiness and business type, to qualify for SBA financing.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of around 650 is generally preferred, though higher scores improve approval chances. The bank considers the overall financial health of the applicant and the business.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes between 30 to 60 days, depending on the complexity of the application and completeness of documentation. The bank strives to expedite approvals whenever possible.
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