Where to Get Capital for Furniture Stores

Looking for SBA loans for furniture stores? Try the SBA. This $102,000 furniture stores loan was issued by a Michigan bank.

This small business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Citizens Bank, out of Lansing, Michigan. The loan was granted and they received $102,000 to help grow their Flushing, Michigan business.

SBA Loan Borrower

COMPANY TYPE: FURNITURE STORES
FLUSHING, MI 48433

SBA Loan Lender

CITIZENS BANK
2425 E GRAND RIVER AVE
LANSING, MI 48912

This lender processed this commercial loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

442110 - Furniture Stores

Loan Approval Date

7/16/2003

Loan Approval Gross Amount

$102,000

Loan Approval from the SBA

Of the total $102,000 loan amount, the SBA guaranteed $51,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 4 employees. The loan application indicated that the loan would help retain 4 existing jobs.

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

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

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.

Related Links:

VC Firms on Twitter

Best Banks for Small Business in Lansing, Michigan

Getting an SBA Loan in Michigan