Aberdeen, Washington Bank Gives SBA Loan to Boat Dealers Company

Find Aberdeen, Washington banks that specialize in SBA loans and know how to work with entrepreneurs. Bank Of The Pacific is one such bank, as evidenced by this SBA loan to one business.

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

SBA Loan Borrower

COMPANY TYPE: BOAT DEALERS
HOQUIAM, WA 98550

SBA Loan Lender

BANK OF THE PACIFIC
300 E MARKET ST
ABERDEEN, WA 98520

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441222 - Boat Dealers

Loan Approval Date

7/15/2004

Loan Approval Gross Amount

$53,000

Loan Approval from the SBA

Of the total $53,000 loan amount, the SBA guaranteed $45,050.

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 3 employees. The SBA loan application for the borrower did not indicate that the small business 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?

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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 Bank Of The Pacific 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.

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