Flooring Contractors Small Business Loans

Looking for small business loans for flooring contractors? An SBA loan may be just what you've been looking for. This $65,000 flooring contractors loan was issued by a California bank.

This company knew how to go about getting a business bank loan. Based in Davenport, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Wells Fargo Bank, based in San Jose, California.

SBA Loan Borrower

COMPANY TYPE: FLOORING CONTRACTORS
DAVENPORT, IA 52806

SBA Loan Lender

WELLS FARGO BANK
121 PARK CENTER PLZ
SAN JOSE, CA 95113

This was a Low Documentation SBA loan. The SBA started this program to minimize 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. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238330 - Flooring Contractors

Loan Approval Date

10/15/2004

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

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 2 employees. This SBA loan request did not indicate that the business planned to use the funding 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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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