Small Business Loans for Used Merchandise Stores

With these small business loans for used merchandise stores, the SBA guarantees the lender that the loan will be repaid. This used merchandise stores loan for $48,000 was given to an Iowa entrepreneur in 2005.

This small firm knew how to go about getting a business bank loan. Based in Clinton, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Sterling Federal Bank, F.S.B., based in Sterling, Illinois.

SBA Loan Borrower

COMPANY TYPE: USED MERCHANDISE STORES
CLINTON, IA 52732

SBA Loan Lender

STERLING FEDERAL BANK, F.S.B.
110 E 4TH ST
STERLING, IL 61081

This lender issued this particular SBA bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453310 - Used Merchandise Stores

Loan Approval Date

8/12/2005

Loan Approval Gross Amount

$48,000

Loan Approval from the SBA

Of the total $48,000 loan amount, the SBA guaranteed $40,800.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Sterling Federal Bank, F.S.B. that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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