Business Loan Issued to Homefurnishings Company

Looking to get a business loan? This entrepreneur got a business loan, provided by a bank that works with the SBA to help small business owners.

This company, based in Arecibo, , offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Economic Devel Bank For Puerto R. We've got the inside scoop on this small business loan.

SBA Loan Borrower

COMPANY TYPE: HOMEFURNISHINGS
ARECIBO, PR 00612

SBA Loan Lender

ECONOMIC DEVEL BANK FOR PUERTO R
638 ALDEBARAN ST, RIO PIEDRAS
SAN JUAN, PR 00920

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5023 - Homefurnishings

NAICS Code

421220 - Home Furnishing Wholesalers

Loan Approval Date

5/7/2002

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $34,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 8 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

If you are working on finding money to start a business in Arecibo PR, you ought to talk with a local Arecibo SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Arecibo businesses.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

A Company That Helps Entrepreneurs