Lynnwood, WA Entrepreneur Gets SBA Loan to Buy Exxon Franchise

Need a loan to purchase an Exxon franchise? Wilshire State Bank has a history of making these loans and they are guaranteed by the SBA.

Exxon franchise loans are available to Lynnwood, Washington entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Wilshire State Bank, based in Los Angeles, California, issued an SBA franchise loan for an Exxon franchise in 2002. We've got all the details on this Washington small business loan.

SBA Loan Borrower

ALDERWOOD EXXON & SK EXXON LLC
LYNNWOOD, WA 98037

SBA Loan Lender

WILSHIRE STATE BANK
3200 WILSHIRE BLVD
LOS ANGELES, CA 90010

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

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

8/21/2002

Loan Approval Gross Amount

$667,500

Loan Approval from the SBA

Of the total $667,500 loan amount, the SBA guaranteed $500,625.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an Exxon franchise. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

If you need money to start a business or need money for an existing business, an SBA loan can be a great source of funding.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Wilshire State Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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.

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