Whidbey Island Bank Gives SBA Loan to Snack And Nonalcoholic Beverage Bars Company

Would a Washington SBA loan help your business get to the next level? If so, you may want to talk with this Washington bank, which offers SBA loans to Washington entrepreneurs.

Getting a small business loan in Bellingham, Washington was a top priority for this particular business back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Whidbey Island Bank. Here are the details on this Washington small business loan.

SBA Loan Borrower

COMPANY TYPE: SNACK AND NONALCOHOLIC BEVERAGE BARS
Bellingham, WA 98225

SBA Loan Lender

WHIDBEY ISLAND BANK
1266 BOUSLOG RD
BURLINGTON, WA 98233

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

5/8/2006

Loan Approval Gross Amount

$139,900

Loan Approval from the SBA

Of the total $139,900 loan amount, the SBA guaranteed $118,915.

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 6 employees. This SBA loan request indicated that the loan would help generate 7 new jobs and retain 6 existing jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 Whidbey Island 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.

Related Links:

Family and Friend Investors - Your First Financiers

Best Banks in Burlington, Washington

Washington SBA 7A Lenders