SBA Loans for Reupholstery and Furniture Repair

Looking for SBA loans for reupholstery and furniture repair? An SBA loan may be just what you've been looking for. This $140,000 reupholstery and furniture repair loan was issued by a Minnesota bank.

Getting a small business loan in Minneapolis, Minnesota was important for this business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from 1st National Bank - Elk River, operating out of Rogers, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: REUPHOLSTERY AND FURNITURE REPAIR
MINNEAPOLIS, MN 55412

SBA Loan Lender

1ST NATIONAL BANK - ELK RIVER
14115 JAMES RD, STE 300
ROGERS, MN 55374

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7641 - Reupholstery and Furniture Repair

NAICS Code

811420 - Reupholstery and Furniture Repair

Loan Approval Date

6/6/2002

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 an existing business. This loan was not for a franchise. At the time of the loan, the company had 8 employees. The loan application did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need business start up money in Minneapolis MN, you ought to talk with a local Minneapolis SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Minneapolis businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like 1st National Bank - Elk River 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.

Related Links:

Microlending as a Small Business Funding Source

SBA Approved Banks in Rogers, Minnesota

Minnesota SBA Banks