Entrepreneur Works With Oak Harbor, Washington Bank to Get an SBA Loan

Find Oak Harbor, Washington banks that specialize in business loans and know how to work with entrepreneurs. Whidbey Island Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Clinton, Washington starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from Whidbey Island Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: GASOLINE SERVICE STATIONS
CLINTON, WA 98236

SBA Loan Lender

WHIDBEY ISLAND BANK
450 SW BAYSHORE DR
OAK HARBOR, WA 98277

This SBA bank loan was issued by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a thorough analysis of the loan application and, in return, SBA provides a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5541 - Gasoline Service Stations

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

11/30/2001

Loan Approval Gross Amount

$417,500

Loan Approval from the SBA

Of the total $417,500 loan amount, the SBA guaranteed $313,125.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 business planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Whidbey Island Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Whidbey Island Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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