How to Get a Loan for Clothing Stores

With these commercial loans for clothing stores, the SBA guarantees the lender that the loan will be repaid. This clothing stores loan for $50,000 was given to an Idaho entrepreneur in 2006.

Getting a small business loan in Coeur D'Alene, Idaho was important for this small business back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Panhandle State Bank, operating out of Sandpoint, Idaho. Here are the details on this Idaho small business loan.

SBA Loan Borrower

COMPANY TYPE: CLOTHING STORES
COEUR D'ALENE, ID 83814

SBA Loan Lender

PANHANDLE STATE BANK
231 N THIRD
SANDPOINT, ID 83864

This lender provides SBA commercial loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

448190 - Clothing Stores

Loan Approval Date

5/30/2006

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help retain 1 existing job.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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:

Direct Public Offerings

SBA Banks in Sandpoint, Idaho

SBA Idaho Banks