Home Furnishings Stores Business Loans
With these business loans for home furnishings stores, the SBA guarantees the lender that the loan will be repaid. This home furnishings stores loan for $25,000 was given to a New York entrepreneur in 2002.
This small business knew how to go about getting a business bank loan. Based in Amherst, New York, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was First Niagara Bank, based in Lockport, New York.
SBA Loan Borrower
COMPANY TYPE: HOME FURNISHINGS STORES
AMHERST, NY 14226
SBA Loan Lender
FIRST NIAGARA BANK
6950 S TRANSIT RD
LOCKPORT, NY 14094
This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
442299 - Home Furnishings Stores
Loan Approval Date
7/10/2002
Loan Approval Gross Amount
$25,000
Loan Approval from the SBA
Of the total $25,000 loan amount, the SBA guaranteed $21,250.
More Information on This SBA Loan
The borrower borrowed this money for an existing 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 2 employees. The loan application did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
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:
Advice on Getting a Small Business Loan
Where to Get an SBA Loan in Lockport, New York
New York SBA Bank Lenders