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November 22, 2024 |
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| Home > Small Business Lenders by State > Washington Business Loan Sources > Los Angeles, Business Loans > Wilshire State Bank Los Angeles Business Loans > Drycleaning And Laundry Services Loan | ||||
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How to Get Commercial Loans in Mercer Island, Washington
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Local Business Gets a Washington Small Business LoanWashingtonBusiness loans are available to Washington business owners through the SBA. In this case, a California bank provides the loan. This company, based in Mercer Island, 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 Wilshire State Bank. We've got the inside scoop on this Washington small business loan. SBA Loan Borrower COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES SBA Loan Lender WILSHIRE STATE BANK This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812320 - Drycleaning and Laundry Services Loan Approval Date 1/9/2003 Loan Approval Gross Amount $1,125,000 Loan Approval from the SBA Of the total $1,125,000 loan amount, the SBA guaranteed $843,750. 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 documents indicated that the loan would help retain 3 existing jobs. Start the Process for Getting an SBA Loan Today! 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: SBA Banks in Los Angeles, California
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