Raising Money for General Merchandise Stores

Looking for business loans for general merchandise stores? The SBA may be the answer. This $100,000 general merchandise stores loan was issued by a Nevada bank.

This small business knew how to go about getting a business bank loan. Based in Lamoile, Nevada, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Great Basin Bank Of Nevada, based in Elko, Nevada.

SBA Loan Borrower

COMPANY TYPE: GENERAL MERCHANDISE STORES
LAMOILE, NV 89828

SBA Loan Lender

GREAT BASIN BANK OF NEVADA
487 RAILROAD ST
ELKO, NV 89801

This was a Low Documentation SBA loan. The SBA started this program to reduce 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

6/21/2002

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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 3 employees. The loan application did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are interested in getting money to start a business or need money to grow a business, an SBA loan can be a great funding source

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Great Basin Bank Of Nevada 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.

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