Financing for Furniture Stores

Looking for loans for furniture stores? An SBA loan may be just what you've been looking for. This $150,000 furniture stores loan was issued by an Arizona bank.

This small firm knew how to go about getting a business bank loan. Based in Lake Havasu, Arizona, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Mohave State Bank, based in Lake Havasu City, Arizona.

SBA Loan Borrower

COMPANY TYPE: FURNITURE STORES
LAKE HAVASU, AZ 86404

SBA Loan Lender

MOHAVE STATE BANK
1771 MCCULLOCH BLVD
LAKE HAVASU CITY, AZ 86403

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring 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

442110 - Furniture Stores

Loan Approval Date

7/30/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Mohave State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Mohave State Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Alternative Financing

Small Business Banks in Lake Havasu City, Arizona

Getting a Business Loan in Arizona