Financing for Luggage and Leather Goods Stores

With these loans for luggage and leather goods stores, the SBA guarantees the lender that the loan will be repaid. This luggage and leather goods stores loan for $122,500 was given to an Arkansas entrepreneur in 2001.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Farmington, Arkansas was able to borrow $122,500 from Arvest Bank. The SBA made the loan possible by guaranteeing $104,125 of this Arkansas small business loan.

SBA Loan Borrower

COMPANY TYPE: LUGGAGE AND LEATHER GOODS STORES
FARMINGTON, AR 72730

SBA Loan Lender

ARVEST BANK
1113 N GARLAND AVE
FAYETTEVILLE, AR 72703

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

448320 - Luggage and Leather Goods Stores

Loan Approval Date

6/26/2001

Loan Approval Gross Amount

$122,500

Loan Approval from the SBA

Of the total $122,500 loan amount, the SBA guaranteed $104,125.

More Information on This SBA Loan

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

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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 $122,500 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.

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