Small business loans in Bellingham, WA
Short answer
The most active SBA lenders in Bellingham, WA since FY2024 are Harborstone CU (10 loans) and U.S. Bank (7). The median loan was $227,300, and half fell between $75,000 and $510,500. For free help, see the Washington Small Business Development Center. Source: SBA 7(a) loan data.
- SBA loans since FY2024
- 86
- approved since FY2024
- $48.94M
- median loan
- $227,300
- through SBA Express
- 30.2%
Lenders making SBA loans in Bellingham
No lender made more than 12% of the loans in Bellingham, and Harborstone CU made the most. The five largest lenders together made 38%.
| Lender | Loans | Share |
|---|---|---|
| Harborstone CUCredit union | 10 | 11.6% |
| U.S. Bank | 7 | 8.1% |
| KeyBank | 6 | 7.0% |
| Bank of the Pacific | 5 | 5.8% |
| Banner Bank | 5 | 5.8% |
Share is the percent of all Bellingham loans in that period. Each name links to that lender's page for Washington where one exists.
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Local help near Bellingham
Bellingham borrowers can start with SBA's district offices for Washington, an SBDC or SCORE.
29% of Bellingham borrowers since FY2024 were startups or businesses two years old or younger. SBDCs provide counseling and training, and SCORE mentors give advice at no cost, according to SBA.
SBA runs two district offices that cover Washington. Each page points to state and federal resources and to lenders in its area. The Washington Small Business Development Center gives free counseling across Washington.
- SBA Seattle District OfficeSBA district office
- SBA Portland District OfficeSBA district office
- Washington Small Business Development CenterSmall Business Development Center
- SCORE mentors in WashingtonBusiness mentoring
Alongside SBA loans, Washington runs three loan programs. The Washington page describes each, and the official pages are linked here.
Loan counts and sizes in Bellingham
Bellingham ranks 11th by loans since FY2024 among the 24 Washington cities with 100 or more SBA loans since FY2020. Nationally it is the 263rd busiest of the 580 cities that reach 100 loans.
The 86 loans, 1.8% of the 4,798 in Washington, were approved for $48.9 million in all. The medianThe middle figure. Half the loans were larger and half were smaller. loan was $227,300, 51% above the national median of $150,300. Half of the loans fell between $75,000 and $510,500. The Bellingham median is 52% above the Washington median of $150,000.
| Measure | Bellingham | Washington | U.S. |
|---|---|---|---|
| Loans | 86 | 4,798 | 162,355 |
| Median loan | $227,300 | $150,000 | $150,300 |
| 25th percentile | $75,000 | $50,000 | $50,000 |
| 75th percentile | $510,500 | $500,000 | $500,000 |
| Via SBA Express | 30.2% | 45.6% | 35.8% |
| Lines of credit | 25.6% | 36.6% | 28.1% |
| Startups | 10.5% | 9.9% | 16.1% |
| Ownership changes | 14.0% | 14.5% | 10.4% |
| Median term | 10 years | 10 years | 10 years |
| Median spread | 2.49 | 2.75 | 2.75 |
| Charged off | Fewer than 5 | 2.4% | 3.6% |
A quarter of loans were smaller than the 25th percentile loan and a quarter were larger than the 75th. Median spread is in percentage points over Prime. Charged off is the share of FY2020 to FY2022 loans a lender wrote off as a loss. It is shown only for groups of 30 loans or more. Fewer than 5 marks a share that would stand for 1 to 4 loans, which we do not publish. U.S. covers every loan in the file.
74% of the loans were $500,000 or less, the size SBA Express covers. 30.2% of all loans went through SBA Express, below the national 35.8%. Lines of credit were 25.6% of loans, close to the national 28.1%.
Labels show each size's share of all loans. The highlighted bar is the size band that contains the median.
By business age, 57.0% of loans went to businesses more than two years old and 18.6% to businesses two years old or younger. Startups received 10.5% and changes of ownership 14.0%. The national startup share is 16.1%.
Fiscal years run October to September. The last bar covers nine of its twelve months.
Volume rose 20% from FY2024 (30 loans) to FY2025 (36), the two latest full years. The busiest full year in the file was FY2025, with 36 loans. FY2026 already shows 20 loans through June 30.
Of the 49 loans Bellingham borrowers received in FY2020 to FY2022, fewer than 5 were charged offThe lender wrote the loan off as a loss because it was not being repaid. by June 30, 2026, against 3.6% nationally. Lenders reported 724 jobs supported across the 86 loans since FY2024, about 8.4 per loan. SBA does not audit these estimates.
What businesses in Bellingham borrow for
Limited-Service Restaurants was the largest borrower group in Bellingham, with 5 loans or 5.8% of the total.
| Industry | Loans | Share | U.S. share |
|---|---|---|---|
| Limited-Service Restaurants | 5 | 5.8% | 3.3% |
Share is the percent of all Bellingham loans in that period. Industry is the NAICS code on each loan. A name links to the Washington page for that industry where one exists.
A typical loan payment in Bellingham
The median Bellingham loan was $227,300 with a median term of 10 years.
The median variable-rate loan in Bellingham was priced at Prime plus 2.49 percentage points at approval. At today's Prime that spread works out to 9.49%. On $227,300 over 10 years, principal and interest would come to about $2,940 a month. That is arithmetic on past loans, not a rate a lender is offering.
| Loan | Amount | Monthly payment |
|---|---|---|
| 25th percentile loan | $75,000 | $970 |
| Median loan | $227,300 | $2,940 |
| 75th percentile loan | $510,500 | $6,603 |
Principal and interest only. Fees, a different term or a fixed rate change the payment. This is an illustration from SBA's file, not an offer.
SBA's rate ceiling for this loan size
SBA's maximum for a loan of $227,300 is Prime plus 6.0 percentage points, or 13.00% today. The median variable-rate loan here was priced 3.5 points under that ceiling. Source: 13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395).
Bellingham loans approved since FY2024 had a median starting rate of 9.87% at approval, against 10.25% nationally. Prime changed during those years, so use the spread above, not that rate, as the guide to today's cost.
Run your own numbers: payments on a $250,000 loan and SBA Express payment calculator.
SBA 504 loans near Bellingham
Bellingham has 11 SBA 504 loans since FY2024, with $5.2 million in SBA and CDC dollars.
The median 504 loan in Bellingham was $517,000 in SBA and CDC dollars, 10% of the $5,000,000 program maximum. The bank's share of each project is separate and is not counted in these figures.
Northwest Business Development Association is the Certified Development CompanyA nonprofit that SBA certifies and regulates to arrange 504 loans together with a bank. (CDC) named on the most loans since FY2020, with 17. Ameritrust CDC follows with 15. The three CDCs listed are named on 39 loans between them.
| Certified Development Company | 504 loans |
|---|---|
| Northwest Business Development Association | 17 |
| Ameritrust CDC | 15 |
| Evergreen Business Capital | 7 |
How a 504 loan is split
A standard 504 project is 50% third party lender, 40% CDC debenture, 10% borrower. 504 money pays for major fixed assets such as land, buildings and long-term machinery and equipment, not working capitalMoney for day-to-day costs such as payroll, rent and inventory. Full definition or inventory. Source: SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221). SBA keeps a list of Certified Development Companies.
Washington cities near Bellingham
Bellingham made up 1.8% of Washington's SBA loans since FY2024.
Bellingham is one of 24 Washington cities with 100 or more SBA loans since FY2020. The Washington page covers all 4,798 loans in Washington. The closest come first, ranked by county and ZIP code on their loans.
Common questions about SBA loans in Bellingham
Which lenders make the most SBA loans in Bellingham?
Harborstone CU leads with 10 loans in Bellingham since FY2024. U.S. Bank (7) and KeyBank (6) follow. Only lenders with five or more Bellingham loans are counted.
Which industries get SBA loans in Bellingham?
Limited-Service Restaurants leads with 5 loans in Bellingham since FY2024.
How to read this
Counts come from SBA's 7(a) loan-level data release, as of June 30, 2026. The file lists loans SBA approved. It does not list declined applications, so it cannot show approval odds. We do not publish any figure built on fewer than 5 loans. Location is the borrower's address in the file, and city names are as SBA recorded them. Recent means FY2024 through June 30, 2026. Charge-off rates use FY2020 to FY2022 loans, the only years old enough to have had time to go bad. Jobs supported are lender-reported estimates. How we build these pages.
Sources
- SBA 7(a) and 504 FOIA loan-level data, as of June 30, 2026
- SBA, 504 loans
- SBA, resource partners: SBDCs and SCORE
- SBA Seattle District Office
- SBA Portland District Office
- Washington Small Business Development Center
- SCORE, Washington
- SOP 50 10 8.1, Sec. C, Ch. 1, Para. D.1 (p. 241); 13 CFR § 120.931
- SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221)
- sba.gov/loans/504-loans; SOP 50 10 8.1, Sec. A, Ch. 3, Para. A (p. 51)
- SOP 50 10 8.1, Sec. B, Ch. 2, Para. B.1 (p. 126)
- 13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395)
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Cite this page: Small business loans in Bellingham, WA. SBA Express Loans, Janover Capital LLC (data as of June 30, 2026). https://www.sbaexpress.loans/washington-small-business-loans/bellingham/
Ask lending partners about a loan in Bellingham
Tell us what you need and we refer your request to lending partners.
Janover Capital LLC is not a lender and is not the SBA. The lender makes the credit decision. A lender or marketplace may pay us a referral fee if we connect you, at no cost to you. Advertiser disclosure.