Summit Bank Gives Small Business Loan to Sporting Goods Stores Company

Looking to get a Washington SBA loan? This Washington entrepreneur got an SBA loan, provided by a Washington bank that works with the SBA to help small business owners.

This company, based in Burlington, Washington, 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 Summit Bank. We've got the inside scoop on this Washington small business loan.

SBA Loan Borrower

COMPANY TYPE: SPORTING GOODS STORES
BURLINGTON, WA 98233

SBA Loan Lender

SUMMIT BANK
2120 FREEWAY DR
MOUNT VERNON, WA 98273

At the time this loan was granted, this bank was part of the SBA's Certified Lenders Program (CLP). This program is designed to provide fast service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

451110 - Sporting Goods Stores

Loan Approval Date

6/27/2006

Loan Approval Gross Amount

$251,700

Loan Approval from the SBA

Of the total $251,700 loan amount, the SBA guaranteed $188,775.

More Information on This SBA Loan

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

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

Every year, the SBA guarantees over $10 billion for loans just like this one.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Summit Bank and they will explain how you can get an SBA loan for your company.

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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