Company Gets a Washington Bank Loan

SBA loans in Washington are hard to find these days. We take a look at one Washington SBA loan, provided by a Washington bank, that was approved by the SBA.

This business, based in Oak Harbor, 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 Whidbey Island Bank. We've got the inside scoop on this Washington small business loan.

SBA Loan Borrower

COMPANY TYPE: BOOK STORES
OAK HARBOR, WA 98277

SBA Loan Lender

WHIDBEY ISLAND BANK
1800 S BURLINGTON BLVD
BURLINGTON, WA 98233

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5942 - Book Stores

NAICS Code

451211 - Book Stores

Loan Approval Date

3/31/2000

Loan Approval Gross Amount

$26,200

Loan Approval from the SBA

Of the total $26,200 loan amount, the SBA guaranteed $20,960.

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 3 employees. This SBA loan request did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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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