How to Get a Loan for Floor Covering Stores

With these business loans for floor covering stores, the SBA guarantees the lender that the loan will be repaid. This floor covering stores loan for $300,000 was given to an Indiana entrepreneur in 2002.

Getting a small business loan in Bedford, Indiana was important for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Monroe Bank, operating out of Bloomington, Indiana. Here are the details on this Indiana small business loan.

SBA Loan Borrower

COMPANY TYPE: FLOOR COVERING STORES
BEDFORD, IN 47421

SBA Loan Lender

MONROE BANK
210 E KIRKWOOD AVE
BLOOMINGTON, IN 47408

This lender issued this SBA bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5713 - Floor Covering Stores

NAICS Code

442210 - Floor Covering Stores

Loan Approval Date

5/16/2002

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $225,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Monroe Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Monroe 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.

Related Links:

SBIR Funding

SBA 7A Banks for Bloomington, Indiana Loans

SBA Participating Banks in Indiana