Whidbey Island Bank SBA Loan to Marine Fishing Company

Whidbey Island Bank has a track record as a leading provider of SBA loans. Find out how this Washington entrepreneur received an SBA loan from them.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mount Vernon, Washington was able to borrow $833,736 from Whidbey Island Bank. The SBA made the loan possible by guaranteeing $625,302 of this Washington small business loan.

SBA Loan Borrower

COMPANY TYPE: MARINE FISHING
MOUNT VERNON, WA 98273

SBA Loan Lender

WHIDBEY ISLAND BANK
450 SW BAYSHORE DR
OAK HARBOR, WA 98277

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide debt financing to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

114119 - Marine Fishing

Loan Approval Date

10/31/2002

Loan Approval Gross Amount

$833,736

Loan Approval from the SBA

Of the total $833,736 loan amount, the SBA guaranteed $625,302.

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 8 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

Although it's called an SBA loan, you 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.

While you may be able to find other ways to get money to start a business, 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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