Getting an SBA Loan for Home Furnishings Stores

Looking for commercial loans for home furnishings stores? The SBA may be the answer. This $140,000 home furnishings stores loan was issued by a California bank.

This business knew how to go about getting a business bank loan. Based in Los Angeles, California, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was California Oaks State Bank, based in Thousand Oaks, California.

SBA Loan Borrower

COMPANY TYPE: HOME FURNISHINGS STORES
LOS ANGELES, CA 90069

SBA Loan Lender

CALIFORNIA OAKS STATE BANK
50 W HILLCREST DR
THOUSAND OAKS, CA 91360

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . 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

442299 - Home Furnishings Stores

Loan Approval Date

5/31/2005

Loan Approval Gross Amount

$140,000

Loan Approval from the SBA

Of the total $140,000 loan amount, the SBA guaranteed $119,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like California Oaks State Bank 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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