SBA Loan from Summit Bank Helps General Automotive Repair Company
An SBA loan from Summit Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Mt. Vernon, Washington business owner got a $50,000 loan.
This growing company knew how to go about getting a business bank loan. Based in Mt. Vernon, Washington, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Summit Bank, based in Concrete, Washington.
SBA Loan Borrower
COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
MT. VERNON, WA 98273
SBA Loan Lender
SUMMIT BANK
45872 MAIN ST
CONCRETE, WA 98237
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
811111 - General Automotive Repair
Loan Approval Date
7/12/2005
Loan Approval Gross Amount
$50,000
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $42,500.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had only one employee. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.
Getting an SBA Loan For Your 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.
We've showcased information on this loan to let you know that businesses like yours 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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