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May 1, 2024 |
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| Home > Small Business Lenders by State > Washington Business Loan Sources > Vancouver, Business Loans > Riverview Community Bank Vancouver Business Loans > Cottman Transmission Loan | ||||
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Raising Money in Vancouver, Washington With SBA Loans
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Riverview Community Bank Provides SBA Loan to Buy Cottman Transmission FranchiseBorrowing money to buy a Cottman Transmission franchise? Riverview Community Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Vancouver, Washington needed money to invest in a Cottman Transmission franchise back in 2000. Riverview Community Bank issued an SBA franchise loan. Here are the details on this Washington small business loan. SBA Loan Borrower COTTMAN TRANSMISSION SBA Loan Lender RIVERVIEW COMMUNITY BANK The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7537 - Automotive Transmission Repair Shops NAICS Code 811113 - Automotive Transmission Repair Loan Approval Date 3/7/2000 Loan Approval Gross Amount $156,800 Loan Approval from the SBA Of the total $156,800 loan amount, the SBA guaranteed $117,600. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Cottman Transmission franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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: How Much Venture Capital Is There? SBA Banks in Vancouver, Washington
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