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December 20, 2024 |
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| Home > Small Business Lenders by State > Washington Business Loan Sources > Federal Way, Business Loans > Heritage Bank Federal Way Business Loans > Hardware Wholesalers Loan | ||||
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Tacoma, Washington Bank for SBA Loans
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Tacoma, Washington Entrepreneur Gets a Small Business LoanWashingtonBusiness loans are available to Washington business owners through the SBA. In this case, a Washington bank provides the loan. By giving the right information to Heritage Bank, this Tacoma, Washington business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: HARDWARE WHOLESALERS SBA Loan Lender HERITAGE BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 421710 - Hardware Wholesalers Loan Approval Date 8/20/2001 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 18 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees. Getting an SBA Loan For Your Business If you are wondering how to find money to start a business or need money for an existing business, an SBA loan can be a great way to raise money 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: Find an SBA Lender in Federal Way, Washington Browse All Business Loan Sources for Washington
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