Get an SBA Loan for Clothing Stores

With these bank loans for clothing stores, the SBA guarantees the lender that the loan will be repaid. This clothing stores loan for $245,000 was given to a District of Columbia entrepreneur in 2006.

Getting a small business loan in Washington, District of Columbia was important for this growing firm back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Cardinal Bank, operating out of Mclean, Virginia. Here are the details on this District of Columbia small business loan.

SBA Loan Borrower

COMPANY TYPE: CLOTHING STORES
WASHINGTON, DC 20002

SBA Loan Lender

CARDINAL BANK
8270 GREENSBORO DR, STE 500
MCLEAN, VA 22102

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

448190 - Clothing Stores

Loan Approval Date

11/3/2006

Loan Approval Gross Amount

$245,000

Loan Approval from the SBA

Of the total $245,000 loan amount, the SBA guaranteed $183,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 2 new jobs.

Getting an SBA Loan For Your Business

If you need money to start business in Washington DC, you ought to talk with a local Washington SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Washington 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.

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SBA 7A Banks in Mclean, Virginia

Virginia SBA 7A Lenders