Kirkland, Washington Entrepreneur Gets an SBA Loan
SBA loans in Washington are hard to find these days. We take a look at one Washington SBA loan, provided by a Washington bank, that was approved by the SBA.
Getting a small business loan in Kirkland, Washington was a top priority for this particular business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from City Bank. Here are the details on this Washington small business loan.
SBA Loan Borrower
COMPANY TYPE: AUTOMOTIVE REPAIR AND MAINTENANCE
KIRKLAND, WA 98034
SBA Loan Lender
CITY BANK
14807 HWY 99
LYNNWOOD, WA 98087
This lender provides SBA bank loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
811198 - Automotive Repair and Maintenance
Loan Approval Date
9/28/2001
Loan Approval Gross Amount
$83,000
Loan Approval from the SBA
Of the total $83,000 loan amount, the SBA guaranteed $70,550.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had 2 employees. The loan application indicated that the loan would help retain 2 existing jobs.
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.
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 City 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:
Business Incubators
SBA Participating Banks in Lynnwood, Washington
SBA Participating Banks in Washington