Borrowing Money for Sewing, Needlework, and Piece Goods Stores

With these bank loans for sewing, needlework, and piece goods stores, the SBA guarantees the lender that the loan will be repaid. This sewing, needlework, and piece goods stores loan for $149,000 was given to a Washington entrepreneur in 2004.

This small firm knew how to go about getting a business bank loan. Based in Bothell, Washington, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Eastside Comm. Bank, based in Bellevue, Washington.

SBA Loan Borrower

COMPANY TYPE: SEWING, NEEDLEWORK, AND PIECE GOODS STORES
BOTHELL, WA 98021

SBA Loan Lender

EASTSIDE COMM. BANK
3326 160TH AVE SE, STE 101
BELLEVUE, WA 98008

This was a Low Documentation SBA loan. The SBA launched this program to limit 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

451130 - Sewing, Needlework, and Piece Goods Stores

Loan Approval Date

2/27/2004

Loan Approval Gross Amount

$149,000

Loan Approval from the SBA

Of the total $149,000 loan amount, the SBA guaranteed $126,650.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Many small businesses receive loans backed by the U.S. Small Business Administration.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Eastside Comm. Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Financing Your Business

Small Business Banks in Bellevue, Washington

Washington SBA Bank Lenders