Lynnwood, WA Entrepreneur Gets SBA Loan to Buy UPS Store Franchise

Borrowing money to invest in an UPS Store franchise? First Heritage Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Lynnwood, Washington and are interested in buying an UPS Store franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2006 by First Heritage Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

OTHELLO ST. STORE LLC
LYNNWOOD, WA 98036

SBA Loan Lender

FIRST HERITAGE BANK
19500 HWY 2
MONROE, WA 98272

At the time this loan was granted, this lending institution participated in the SBA's Certified Lenders Program (CLP). This program is designed to give fast service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561431 - Private Mail Centers

Loan Approval Date

3/8/2006

Loan Approval Gross Amount

$145,000

Loan Approval from the SBA

Of the total $145,000 loan amount, the SBA guaranteed $123,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an UPS Store franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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