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May 16, 2024 |
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| Home > Small Business Lenders by State > Washington Business Loan Sources > Bellingham, Business Loans > Horizon Bank Bellingham Business Loans > Unsupported Plastics Profile Shapes Manufacturing Loan | ||||
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Small Business Banks That Lend to Sedro Woolley Small Business Owners
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Firm Gets a Washington Business LoanSearching for a Washington small business loan? This Washington entrepreneur got a small business loan, provided by a Washington bank that works with the SBA to help small business owners. By giving the right information to Horizon Bank, this Sedro Woolley, Washington business was able to get an SBA loan. To get this loan, the loan applicant gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: UNSUPPORTED PLASTICS PROFILE SHAPES MANUFACTURING SBA Loan Lender HORIZON BANK The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 326121 - Unsupported Plastics Profile Shapes Manufacturing Loan Approval Date 12/6/2006 Loan Approval Gross Amount $45,000 Loan Approval from the SBA Of the total $45,000 loan amount, the SBA guaranteed $22,500. 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 14 employees. The SBA loan documents indicated that the loan would help generate 6 new jobs and retain 14 existing jobs. Next Steps for Getting an SBA Loan Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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: Obtaining Funding - Friends and Family Where to Get an SBA Loan in Bellingham, Washington Getting an SBA Loan in Washington
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