Sterling Savings Bank SBA Loan to Full-Service Restaurants Company

An SBA loan from Sterling Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a White Salmon, Washington business owner got a $50,000 loan.

This small firm knew how to go about getting a business bank loan. Based in White Salmon, Washington, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Sterling Savings Bank, based in Spokane, Washington.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
WHITE SALMON, WA 98672

SBA Loan Lender

STERLING SAVINGS BANK
111 N WALL ST, MAIL STOP #952
SPOKANE, WA 99201

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

7/30/2002

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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 8 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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