Floor Covering Stores Loans

With these loans for floor covering stores, the SBA guarantees the lender that the loan will be repaid. This floor covering stores loan for $129,300 was given to a Washington entrepreneur in 2000.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mount Vernon, Washington was able to borrow $129,300 from Whidbey Island Bank. The SBA made the loan possible by guaranteeing $96,975 of this Washington small business loan.

SBA Loan Borrower

COMPANY TYPE: FLOOR COVERING STORES
MOUNT VERNON, WA 98273

SBA Loan Lender

WHIDBEY ISLAND BANK
339 FERRY ST
SEDRO WOOLLEY, WA 98284

This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5713 - Floor Covering Stores

NAICS Code

442210 - Floor Covering Stores

Loan Approval Date

4/26/2000

Loan Approval Gross Amount

$129,300

Loan Approval from the SBA

Of the total $129,300 loan amount, the SBA guaranteed $96,975.

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 7 employees. The loan application did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

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

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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:

Advice on Getting a Small Business Loan

Small Business Banks in Sedro Woolley, Washington

SBA Washington Banks