Financing for Carpet and Upholstery Cleaning Services
Looking for commercial loans for carpet and upholstery cleaning services? The SBA may be the answer. This $43,000 carpet and upholstery cleaning services loan was issued by a Minnesota bank.
This business knew how to go about getting a business bank loan. Based in Minneapolis, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Highland Bank, based in Saint Michael, Minnesota.
SBA Loan Borrower
COMPANY TYPE: CARPET AND UPHOLSTERY CLEANING
MINNEAPOLIS, MN 55412
SBA Loan Lender
HIGHLAND BANK
701 CENTRAL AVE EAST
SAINT MICHAEL, MN 55376
This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA 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.
SIC Code
7217 - Carpet and Upholstery Cleaning
NAICS Code
561740 - Carpet and Upholstery Cleaning Services
Loan Approval Date
4/3/2001
Loan Approval Gross Amount
$43,000
Loan Approval from the SBA
Of the total $43,000 loan amount, the SBA guaranteed $36,550.
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 only one employee. The SBA loan documents did not indicate that the company planned to use the money to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans provide smart, affordable business financing for small businesses looking to expand.
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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