Washington Bank Loan Issued to Limited-Service Restaurants Company

Would a Washington bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Washington bank, which offers SBA loans to Washington entrepreneurs.

This small business, based in Lakewood, Washington, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Pacific International Bank. We've got the inside scoop on this Washington small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
LAKEWOOD, WA 98498

SBA Loan Lender

PACIFIC INTERNATIONAL BANK
1155 N 130TH ST, STE 100
SEATTLE, WA 98133

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

8/23/2006

Loan Approval Gross Amount

$86,500

Loan Approval from the SBA

Of the total $86,500 loan amount, the SBA guaranteed $43,250.

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 indicated that the loan would help retain 3 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are interested in getting money to start a business or need money for an existing business, an SBA loan can be a great source of funding.

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 Pacific International 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:

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