Mount Vernon, Washington Entrepreneur Gets an SBA Loan
Looking to get a Washington SBA loan? This Washington entrepreneur got an SBA loan, provided by a Washington bank that works with the SBA to help small business owners.
This company, based in Mount Vernon, Washington, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Whidbey Island Bank. We've got the inside scoop on this Washington small business loan.
SBA Loan Borrower
COMPANY TYPE: COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIPMENT RENTAL AND LEASING
MOUNT VERNON, WA 98273
SBA Loan Lender
WHIDBEY ISLAND BANK
450 SW BAYSHORE DR
OAK HARBOR, WA 98277
This lender issued this particular SBA business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
532490 - Commercial and Industrial Machinery and Equipment Rental and Leasing
Loan Approval Date
5/5/2004
Loan Approval Gross Amount
$38,500
Loan Approval from the SBA
Of the total $38,500 loan amount, the SBA guaranteed $32,725.
More Information on This SBA Loan
The borrower 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 did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.
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.
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