Raising Money for Home Furnishings Stores

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 $225,000 was given to a New York entrepreneur in 2001.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Corning, New York was able to borrow $225,000 from Chemung Canal Trust Company. The SBA made the loan possible by guaranteeing $168,750 of this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: FURNITURE STORES
CORNING, NY 14830

SBA Loan Lender

CHEMUNG CANAL TRUST COMPANY
ONE CHEMUNG CANAL PLZ
ELMIRA, NY 14902

This commercial 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.

SIC Code

5712 - Furniture Stores

NAICS Code

442299 - Home Furnishings Stores

Loan Approval Date

4/4/2001

Loan Approval Gross Amount

$225,000

Loan Approval from the SBA

Of the total $225,000 loan amount, the SBA guaranteed $168,750.

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 18 employees. The loan application did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $225,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Angel Investors

Banks in Elmira, New York

Where to Get an SBA Loan New York