SOURCE: Seacoast Commerce Bank

Seacoast Commerce Bank

July 15, 2015 13:49 ET

Seacoast Commerce Bank Funds $2.98 Million SBA Loan for South San Francisco Small Business

SAN DIEGO, CA--(Marketwired - July 15, 2015) - Seacoast Commerce Bank, a wholly owned subsidiary of Seacoast Commerce Banc Holdings, today announced that it has funded a $2.98 million U.S. Small Business Administration ("SBA") 7(a) guaranteed small business loan to In & Out Plumbing and Construction for the purchase of a new industrial warehouse and office in South San Francisco, California.

In & Out Plumbing and Construction, owned by Anthony Abbas, has moved to their new 21,800-square-foot headquarters at 184 Harbor Way, South San Francisco, utilizing an SBA 7(a) loan that facilitated the firm's expansion, according to Abbas.

"This long-term loan from Seacoast Commerce Bank helped us grow our business and allows us to hire 10 new employees this year," Abbas said.

The SBA financing was arranged by Seacoast's Andrew Murray, senior vice president and business development officer, based in Sacramento. Murray provides SBA financing service to small businesses throughout northern California.

Seacoast Commerce Bank is one of America's most experienced SBA lenders and is currently ranked 12th among active SBA lenders nationally, according to SBA information.

Seacoast Commerce Bank focuses on lending to small business owner/users who want to purchase, construct, or refinance their commercial real estate properties. The Small Business Administration's 7(a) program is designed for loans of up to $5 million. The SBA guarantees a percentage of the loan for up to 25-years, which is fully amortized with no calls or balloon payments. The SBA Guaranty allows banks to offer small businesses these terms. Most businesses and property types qualify including office, retail, manufacturing, automotive, restaurant, day-care, mini-storage and other service firms. SBA loans from Seacoast are typically funded within 30 days.

In Fiscal Year 2014, in partnership with private sector lenders, the SBA 7(a) program appropriated $18.5 billion in funding to 45,000 small businesses and supported more than 500,000 jobs nationwide.

Seacoast Commerce Bank, a wholly-owned subsidiary of Seacoast Commerce Banc Holdings, is headquartered in San Diego, California, with full-service banking branches in San Diego, Chula Vista, and Glendale, California, and loan production offices in San Diego, Orange County, Los Angeles, Sacramento and San Ramon, California; Phoenix, Arizona; Denver, Colorado; Portland, Oregon; Las Vegas and Reno, Nevada; Houston and Dallas, Texas; and Seattle, Washington. For information on the bank please visit our bank website at www.sccombank.com, or contact Richard M. Sanborn, President and Chief Executive Officer, at 858-432-7001.

Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such "forward-looking" statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance and regulatory matters.

Contact Information

  • For Further Information:
    David H. Bartram
    SBA Division Manager
    Phone: (858) 432-7002