Loans for Residential Electric Lighting Fixture Manufacturing

With these loans for residential electric lighting fixture manufacturing, the SBA guarantees the lender that the loan will be repaid. This residential electric lighting fixture manufacturing loan for $125,000 was given to a Washington entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Bellingham, Washington was able to borrow $125,000 from Peoples Bank. The SBA made the loan possible by guaranteeing $62,500 of this Washington small business loan.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL ELECTRIC LIGHTING FIXTURE MANUFACTURING
BELLINGHAM, WA 98229

SBA Loan Lender

PEOPLES BANK
418 GROVER ST
LYNDEN, WA 98264

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

335121 - Residential Electric Lighting Fixture Manufacturing

Loan Approval Date

9/17/2003

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $62,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 20 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 20 existing jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small 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.

Related Links:

Role of Business Plan When Raising Money

SBA 7A Banks in Lynden, Washington

Washington SBA Banks