Announcing the Acquisition of The Bank of Washington

We are excited to announce an agreement for the acquisition of The Bank of Washington by Sound Credit Union has been reached. Read More

NOTICE: Please note that the date of the Shareholders meeting has changed to January 4, 2019, 2:00 p.m. PST, at the Edmonds Center for the Arts. For more information, visit our Investor Relations page.


The Bank of Washington is a locally-owned commercial bankSBA Loans that invests in its communities by partnering with small businesses who qualify for SBA loans. The Small Business Administration has two popular loan programs, the 7(a) Program and the CDC/504 Program, which differ in a number of ways, such as required down payments, typical project size, loan purpose and SBA fees.

The 7(a) loans are guaranteed by the Small Business Administration, with the percentage of guarantee determined by the loan amount. SBA 7(a) loans offer longer terms and maturity, lower monthly payments, with no balloon payments, resulting in improved cash flow. They are designed to help small businesses grow, with financing to:

  • Acquire an existing business or franchise
  • Purchase or refinance owner-occupied commercial real estate
  • Purchase equipment or machinery
  • Finance business expansion
  • Fund working capital needs or inventory purchase
  • Refinance and consolidate existing business debt

In contrast, 504 loans are made in conjunction with a Certified Development Company (CDC), and are a great way to finance:

  • Purchase of land, including existing buildings
  • Purchase of site improvements such as grading, utilities, parking lots, and landscaping
  • Construction of new facilities
  • Modernizing, renovating, or converting existing facilities
  • Purchase of long-term machinery and equipment

A 504 loan is typically structured with the bank covering up to 50% of the project's cost and SBA providing 40% of the cost. The remaining 10% is covered by the borrower's down payment. The business owner must occupy at least 51% of the property. In addition to the low down payment, there are many other benefits with a 504 loan, including no balloon payments, longer terms of 10-20 years for the SBA portion, and up to 25 years for the bank portion.

If you are interested in exploring the SBA's 504 Program, The Bank of Washington offers a dedicated SBA specialist who can help. To schedule an appointment today, contact Sam Cha at (425) 563-3101.

Contact The Bank of Washington - (425) 921-2432 or Toll Free 1-877-921-2432
M–Th - 9:00 a.m.–5:30 p.m. (Edmonds and Lynnwood) | M–Th - 9:00 a.m.–5:00 p.m. (Everett, Mukilteo, Redmond)
Friday - 9:00 a.m.–6:00 p.m. (All Branch Offices)
Equal Opportunity Lender    Member FDIC    Community Bankers of Washington
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