Washington Small Business Loan Issued to Upholstered Household Furniture Manufacturing Company

Would a Washington small business loan help your small business to grow and prosper? If so, you may want to talk with this Washington bank, which offers SBA loans to Washington entrepreneurs.

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

SBA Loan Borrower

COMPANY TYPE: UPHOLSTERED HOUSEHOLD FURNITURE MANUFACTURING
SEATTLE, WA 98292

SBA Loan Lender

CITY BANK
19510 58TH AVE WEST
LYNNWOOD, WA 98036

This loan for a small business was issued under the SBA's Certified Lenders Program (CLP), which means that the lender has a successful SBA lending history and are well trained in SBA policies and procedures.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

337121 - Upholstered Household Furniture Manufacturing

Loan Approval Date

8/27/2004

Loan Approval Gross Amount

$190,000

Loan Approval from the SBA

Of the total $190,000 loan amount, the SBA guaranteed $142,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 7 employees. The loan application did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

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

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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into City Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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