Company Gets a Washington SBA Loan

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

Getting a small business loan in Seattle, Washington was a top priority for this particular business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Prime Pacific Bank, Na. Here are the details on this Washington small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE
SEATTLE, WA 98133

SBA Loan Lender

PRIME PACIFIC BANK, NA
4710 196TH ST SW
LYNNWOOD, WA 98036

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

7/2/2004

Loan Approval Gross Amount

$338,000

Loan Approval from the SBA

Of the total $338,000 loan amount, the SBA guaranteed $169,000.

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 12 employees. The loan application indicated that the loan would help retain 12 existing jobs.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Prime Pacific Bank, Na that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Microlending as a Small Business Funding Source

SBA 7A Lenders in Lynnwood, Washington

Washington SBA Bank Lenders