Where to Get Capital for Furniture Stores

With these small business loans for furniture stores, the SBA guarantees the lender that the loan will be repaid. This furniture stores loan for $400,000 was given to an Oklahoma entrepreneur in 2004.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mangum, Oklahoma was able to borrow $400,000 from Great Plains National Bank. The SBA made the loan possible by guaranteeing $300,000 of this Oklahoma small business loan.

SBA Loan Borrower

COMPANY TYPE: FURNITURE STORES
MANGUM, OK 73554

SBA Loan Lender

GREAT PLAINS NATIONAL BANK
2017 W THIRD
ELK CITY, OK 73644

This lender issued this debt financing under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

442110 - Furniture Stores

Loan Approval Date

6/2/2004

Loan Approval Gross Amount

$400,000

Loan Approval from the SBA

Of the total $400,000 loan amount, the SBA guaranteed $300,000.

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 6 employees. The SBA loan documents did not indicate that the business promised to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you want money for new small business in Mangum OK, you ought to talk with a local Mangum SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mangum businesses.

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.

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