Arlington, WA Entrepreneur Gets SBA Loan to Buy Sears Catalog Store Franchise

Borrowing money to buy a Sears Catalog Store franchise? North County Bank has a history of making these loans and they are guaranteed by the SBA.

Sears Catalog Store franchise loans are available to Arlington, Washington entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, North County Bank, based in Arlington, Washington, issued an SBA franchise loan for a Sears Catalog Store franchise in 2001. We've got all the details on this Washington small business loan.

SBA Loan Borrower

OLSON & ALBIN,INC/SEARS OUTLET
ARLINGTON, WA 98223

SBA Loan Lender

NORTH COUNTY BANK
16419 SMOKEY POINT BLVD
ARLINGTON, WA 98223

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

443111 - Household Appliance Stores

Loan Approval Date

8/3/2001

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 used to buy a Sears Catalog Store franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into North County Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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