Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Burlington, Washington Small Business Loans

 
Loan Census SBA Loan Info

Getting a business loan in Burlington, Washington seems challenging at first, but we're here to help you get started.

If you are planning on applying for a small business loan and your business is based in Burlington, Washington, we've assembled a list of local small business banks that you should contact.

Local Burlington Lending Resources

To help you learn more about local small business lenders, here's our list of small business banks in Burlington.

Small Business Bank Recent SBA Loans
Bank Of America  
Banner Bank  
Business Bank 4
Horizon Bank 4
Keybank - Keycenters- Burlington  
Peoples Bank - Burlington  
Skagit State Bank 18
U S Bank  
Washington Federal Savings - Burlington  
Washington Mutual  
Whidbey Island Bank 109

Lenders for Burlington Businesses

This is a list of banks outside of Burlington, Washington that have provided SBA loans to Burlington businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
8
Capital One
Mclean, VA
2
City Bank
Lynnwood, WA
1
Fortune Bank
Seattle, WA
2
Ge Cap. Small Business Finan Corp
St. Louis, MO
1
Keybank National Association
Cleveland, OH
2
Oregon Pacific Bank Co. D/b/a O
Florence, OR
1
Pacific International Bank
Seattle, WA
1
Peoples Bank
Lynden, WA
3
Peoples Bank
Mount Vernon, WA
1
Skagit State Bank
Mount Vernon, WA
1
Spectrum Bank
Irvine, CA
1
Summit Bank
Mount Vernon, WA
2
U.S. Bank National Association
Cincinnati, OH
1
Wells Fargo Bank
San Jose, CA
5
Wells Fargo Bank
Sioux Falls, SD
2
Whidbey Island Bank
Oak Harbor, WA
13
Wilshire State Bank
Los Angeles, CA
1

Burlington Bank Loan Tips

As a prerequisite to contacting banks to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly explain your business, explain how much you want to borrow, define how the money will be used, and show how you intend to to pay the loan back to the bank.

Having a business plan is is critically important. If the capital is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to guarantee the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which you cannot repay the loan.

If the business has few assets, you will likely be asked to pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. The banks will check on your personal credit history in any case, so hopefully you have good credit history -- you may want to get a copy of your credit history prior to meeting with the banker.

Many of the banks in our list participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, you may want to do your homework on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.

Gaebler.com Advice on Raising Money

If you are serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review Microlending as a Small Business Funding Source.

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