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May 18, 2024 |
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| Home > Small Business Lenders by State > Washington Business Loan Sources > Burlington, Business Loans > Whidbey Island Bank Burlington Business Loans > Sporting And Recreational Goods And Supplies Merchant Wholesalers Loan | ||||
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What Does It Take to Get a Business Loan in Bellingham, Washington?
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Sporting and Recreational Goods and Supplies Merchant Wholesalers Business LoansWith these business loans for sporting and recreational goods and supplies merchant wholesalers, the SBA guarantees the lender that the loan will be repaid. This sporting and recreational goods and supplies merchant wholesalers loan for $102,000 was given to a Washington entrepreneur in 2003. Getting a small business loan in Bellingham, Washington was important for this business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Whidbey Island Bank, operating out of Burlington, Washington. Here are the details on this Washington small business loan. SBA Loan Borrower COMPANY TYPE: SPORTING AND RECREATIONAL GOODS AND SUPPLIES MERCHANT WHOLESALERS SBA Loan Lender WHIDBEY ISLAND BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 423910 - Sporting and Recreational Goods and Supplies Merchant Wholesalers Loan Approval Date 7/24/2003 Loan Approval Gross Amount $102,000 Loan Approval from the SBA Of the total $102,000 loan amount, the SBA guaranteed $86,700. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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: SBA Approved Banks in Burlington, Washington SBA Participating Banks in Washington
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