Washington Entrepreneur Secures Financing to Buy Plato's Closet Franchise

Borrowing money to invest in a Plato's Closet franchise? Banner Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Tukwila, Washington and are interested in buying a Plato's Closet franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by Banner Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

PLATO'S CLOSET
TUKWILA, WA 98188

SBA Loan Lender

BANNER BANK
10 S FIRST AVE
WALLA WALLA, WA 99362

This lender provides SBA loan for small businesses as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

448190 - Clothing Stores

Loan Approval Date

6/25/2003

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 a new business. This loan was used to buy a Plato's Closet franchise. At the time of the loan, the company had 12 employees. The SBA loan documents indicated that the loan would help generate 18 new jobs and retain 12 existing jobs.

Next Steps for Getting an SBA Loan

If you need money to start business in Tukwila WA, you ought to talk with a local Tukwila SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Tukwila 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:

Plato's Closet

Getting a Small Business Loan

Small Business Banks in Walla Walla, Washington

Find an SBA Lender in Washington