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November 15, 2024 |
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| Home > Small Business Lenders by State > Oregon Business Loan Sources > Woodburn, Business Loans > West Coast Bank Woodburn Business Loans > Schiffli Machine Embroidery Loan | ||||
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SBA Loan from West Coast Bank
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Woodburn, Oregon Business Gets SBA-Guaranteed Funding from West Coast BankWest Coast Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Oregon entrepreneur who tapped into the power of SBA loans. This small firm knew how to go about getting a business bank loan. Based in Woodburn, Oregon, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was West Coast Bank, based in Woodburn, Oregon. SBA Loan Borrower COMPANY TYPE: SCHIFFLI MACHINE EMBROIDERY SBA Loan Lender WEST COAST BANK This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 313222 - Schiffli Machine Embroidery Loan Approval Date 8/23/2004 Loan Approval Gross Amount $45,000 Loan Approval from the SBA Of the total $45,000 loan amount, the SBA guaranteed $38,250. 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 5 employees. The loan application did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business Every year, the SBA guarantees over $10 billion for loans just like this one. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like West Coast Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: The Friends and Family Network SBA 7A Banks in Woodburn, Oregon
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