Interior Design Services SBA Loans

Looking for SBA loans for interior design services? The SBA may be the answer. This $100,000 interior design services loan was issued by a Minnesota bank.

This small business knew how to go about getting a business bank loan. Based in Anoka, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Central Bank, based in Coon Rapids, Minnesota.

SBA Loan Borrower

COMPANY TYPE: INTERIOR DESIGN SERVICES
ANOKA, MN 55303

SBA Loan Lender

CENTRAL BANK
3585 124TH AVE NORTHWEST
COON RAPIDS, MN 55433

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring 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

541410 - Interior Design Services

Loan Approval Date

1/6/2005

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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 5 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Central Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Central Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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