Whidbey Island Bank Gives Small Business Loan to Timber Tract Operations Company

Would a Washington bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Washington bank, which offers SBA loans to Washington entrepreneurs.

Getting a small business loan in Sedro Woolley, Washington was a top priority for this loan applicant back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Whidbey Island Bank. Here are the details on this Washington small business loan.

SBA Loan Borrower

COMPANY TYPE: TIMBER TRACT OPERATIONS
SEDRO WOOLLEY, WA 98284

SBA Loan Lender

WHIDBEY ISLAND BANK
1800 S BURLINGTON BLVD
BURLINGTON, WA 98233

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

113110 - Timber Tract Operations

Loan Approval Date

10/7/2002

Loan Approval Gross Amount

$148,600

Loan Approval from the SBA

Of the total $148,600 loan amount, the SBA guaranteed $126,310.

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. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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.

Related Links:

SBIR Funding

SBA 7A Banks for Burlington, Washington Loans

SBA Participating Banks in Washington