Company Gets a Washington Bank Loan

SBA loans in Washington are tough to come by 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 Laconner, 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 Skagit State Bank. Here are the details on this Washington small business loan.

SBA Loan Borrower

COMPANY TYPE: PREPARED FRESH OR FROZEN FISH AND SEAFOODS
LACONNER, WA 98257

SBA Loan Lender

SKAGIT STATE BANK
301 E FAIRHAVEN AVE
BURLINGTON, WA 98233

This lender issued this bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2092 - Prepared Fresh or Frozen Fish and Seafoods

NAICS Code

311712 - Fresh and Frozen Seafood Processing

Loan Approval Date

11/21/2001

Loan Approval Gross Amount

$400,000

Loan Approval from the SBA

Of the total $400,000 loan amount, the SBA guaranteed $300,000.

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 64 employees. The loan application did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Obtaining Funding - Getting Venture Capital

Where to Get an SBA Loan in Burlington, Washington

SBA Participating Banks in Washington