Northrim Bank Gives SBA Loan to Industrial Building Construction Company

SBA loans in Alaska are tough to come by these days. We take a look at one Alaska SBA loan, provided by an Alaska bank, that was approved by the SBA.

This company, based in Anchorage, Alaska, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Northrim Bank. We've got the inside scoop on this Alaska small business loan.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL BUILDING CONSTRUCTION
ANCHORAGE, AK 99518

SBA Loan Lender

NORTHRIM BANK
2709 SPENARD RD
ANCHORAGE, AK 99503

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program involves 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.

NAICS Code

236210 - Industrial Building Construction

Loan Approval Date

10/3/2003

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 12 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you need money to start a business or need money to grow a business, an SBA loan can be a great funding source

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Northrim Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Startup Funding Tip

Banks in Anchorage, Alaska

SBA Participating Banks in Alaska