Decorah, IA Entrepreneur Gets SBA Loan to Buy Slumberland Franchise

Need money to invest in a Slumberland franchise? Community Bank Group has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Slumberland franchise requires some effort but others before you have been successful. In 2007, Community Bank Group issued an SBA franchise loan to an entrepreneur in Decorah, Iowa. Because Slumberland was registered with the SBA's registry of franchises, this Iowa small business loan was issued on an expedited basis.

SBA Loan Borrower

SLUMBERLAND FURNITURE
DECORAH, IA 52101

SBA Loan Lender

COMMUNITY BANK GROUP
201 MAIN ST
REEDSBURG, WI 53959

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

442110 - Furniture Stores

Loan Approval Date

9/21/2007

Loan Approval Gross Amount

$1,235,000

Loan Approval from the SBA

Of the total $1,235,000 loan amount, the SBA guaranteed $926,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Slumberland franchise. At the time of the loan, the company had 20 employees. The SBA loan documents indicated that the loan would help retain 20 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Community Bank Group 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.

Related Links:

Slumberland Furniture

The Friends and Family Network

SBA 7A Banks in Reedsburg, Wisconsin

Getting an SBA Loan in Wisconsin