Getting an SBA Loan for Sporting Goods Stores

With these commercial loans for sporting goods stores, the SBA guarantees the lender that the loan will be repaid. This sporting goods stores loan for $25,000 was given to a Washington entrepreneur in 2007.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Spokane, Washington was able to borrow $25,000 from Wheatland Bank. The SBA made the loan possible by guaranteeing $12,500 of this Washington small business loan.

SBA Loan Borrower

COMPANY TYPE: SPORTING GOODS STORES
SPOKANE, WA 99218

SBA Loan Lender

WHEATLAND BANK
222 N WALL, STE 308
SPOKANE, WA 99201

This lender processed this bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

451110 - Sporting Goods Stores

Loan Approval Date

1/26/2007

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $12,500.

More Information on This SBA Loan

The borrower borrowed this money for a new 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. The SBA loan application for the borrower indicated that the funding would help generate 3 new jobs.

Getting an SBA Loan For Your Business

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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:

Raising VC Money for Social Networking Companies

Find an SBA Lender in Spokane, Washington

Getting an SBA Loan in Washington