Borrow Money to Buy a Plato's Closet Franchise

Need a loan to purchase a Plato's Closet franchise? Banner Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Plato's Closet franchise is doable. In 2002, Banner Bank issued an SBA franchise loan to an entrepreneur in Lynnwood, Washington. Because Plato's Closet was registered with the SBA's registry of franchises, this Washington small business loan was issued on an expedited basis.

SBA Loan Borrower

PLATO'S CLOSET
LYNNWOOD, WA 98037

SBA Loan Lender

BANNER BANK
10 S FIRST AVE
WALLA WALLA, WA 99362

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

448190 - Clothing Stores

Loan Approval Date

4/30/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Plato's Closet franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help generate 3 new jobs and retain 2 existing jobs.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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 Banner 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:

Plato's Closet

Business Line of Credit

SBA Approved Banks in Walla Walla, Washington

SBA Lenders in Washington