Getting an SBA 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 $75,000 was given to a Pennsylvania entrepreneur in 2003.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Washington, Pennsylvania was able to borrow $75,000 from National City Bank. The SBA made the loan possible by guaranteeing $63,750 of this Pennsylvania small business loan.
SBA Loan Borrower
COMPANY TYPE: APPAREL AND ACCESSORY STORES
WASHINGTON, PA 15301
SBA Loan Lender
NATIONAL CITY BANK
20 STANWIX ST, NATIONAL CITY
PITTSBURGH, PA 15222
This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.
SBA Loan Program Type
This loan was issued as a general business loan.
5699 - Apparel and Accessory Stores
448190 - Clothing Stores
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $75,000 loan amount, the SBA guaranteed $63,750.
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 6 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
If you are working on finding money to start a business in Washington PA, 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.
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $75,000 loan. Remember, you control your own destiny.
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.
Determining Proper Capital Structure for a Business
Good Banks for Small Business in Pittsburgh, Pennsylvania
SBA Lenders in Pennsylvania