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November 15, 2024 |
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| Home > Small Business Lenders by State > Oregon Business Loan Sources > Portland, Business Loans > West Coast Bank Portland Business Loans > Home Furnishing Merchant Wholesalers Loan | ||||
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West Coast Bank Small Business Loans Portland, OR
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Portland, Oregon Business Gets SBA-Guaranteed Funding from West Coast BankWest Coast Bank has a track record as a leading provider of SBA loans. Find out how this Oregon entrepreneur received an SBA loan from them. This small firm received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with West Coast Bank, out of Portland, Oregon. The loan was granted and they received $200,000 to help grow their Portland, Oregon business. SBA Loan Borrower COMPANY TYPE: HOME FURNISHING MERCHANT WHOLESALERS SBA Loan Lender WEST COAST BANK This SBA loan was sent in by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a thorough analysis of the loan application and, in return, SBA promises a fast loan decision. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 423220 - Home Furnishing Merchant Wholesalers Loan Approval Date 12/19/2006 Loan Approval Gross Amount $200,000 Loan Approval from the SBA Of the total $200,000 loan amount, the SBA guaranteed $150,000. 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 8 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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: Best Banks for Small Business in Portland, Oregon
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