SOURCE: Seacoast Commerce Bank

Seacoast Commerce Bank

August 05, 2015 11:00 ET

Seacoast Commerce Bank Funds $882,600 SBA Loan for San Diego, CA, Small Business

SAN DIEGO, CA--(Marketwired - August 05, 2015) - Seacoast Commerce Bank, a wholly-owned owned subsidiary of Seacoast Commerce Banc Holdings, today announced that it has funded a $882,600 U.S. Small Business Administration ("SBA") 7(a) loan to South Bay Sand Blasting & Tank Cleaning, Inc. for the purchase of a new staging and storage yard facility.

South Bay Sand Blasting & Tank Cleaning, Inc., owned by Canuto Lopez, opened their new 28,000-square-foot industrial zoned parcel at 3589 Dalbergia St., San Diego, utilizing a Seacoast Commerce Bank SBA 7(a) loan. This is the second SBA 7(a) loan that Seacoast Commerce Bank provided to this company. The first SBA 7(a) loan was for the purchase of their National City headquarters facility in late 2014.

"This long-term SBA loan from Seacoast Commerce Bank helps us grow our business and will allow us to hire approximately 30 new employees this year," Lopez said.

South Bay Sand Blasting & Tank Cleaning provides services to the ship repair and marine industry and also operates facilities in Bremerton, Washington and Mayport, Florida.

The SBA financing was arranged by Seacoast's Andrew Zimbalist, senior vice president and business development officer based in Encinitas. Seacoast Commerce Bank is one of America's most experienced SBA lenders and is currently ranked 10th 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:
    EVP & COO
    SBA Division Manager
    (858) 432-7002