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May 19, 2024 |
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| Home > Small Business Lenders by State > Washington Business Loan Sources > Burlington, Business Loans > Whidbey Island Bank Burlington Business Loans > Gift, Novelty, And Souvenir Stores Loan | ||||
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WA Small Business Loans from Whidbey Island Bank
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SBA Loan from Whidbey Island Bank Helps Gift, Novelty, And Souvenir Stores CompanyWhidbey Island Bank has a track record as a leading provider of SBA loans. Find out how this Washington entrepreneur received an SBA loan from them. This small firm received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Whidbey Island Bank, out of Burlington, Washington. The loan was granted and they received $100,000 to help grow their Anacortes, Washington business. SBA Loan Borrower COMPANY TYPE: GIFT, NOVELTY, AND SOUVENIR STORES SBA Loan Lender WHIDBEY ISLAND BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 453220 - Gift, Novelty, and Souvenir Stores Loan Approval Date 10/3/2005 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. 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 4 employees. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 4 existing jobs. Start the Process for Getting an SBA Loan Today! SBA loans provide smart, affordable business financing for small businesses looking to expand. 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: Small Business Banks in Burlington, Washington
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