How to Get a Loan for Floor Covering Stores

Looking for commercial loans for floor covering stores? An SBA loan may be just what you've been looking for. This $61,000 floor covering stores loan was issued by a Minnesota bank.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with American Federal Bank, out of Moorhead, Minnesota. The loan was granted and they received $61,000 to help grow their Moorhead, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: FLOOR COVERING STORES
MOORHEAD, MN 56560

SBA Loan Lender

AMERICAN FEDERAL BANK
601 CENTER AVE
MOORHEAD, MN 56561

This lender issued this particular small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

442210 - Floor Covering Stores

Loan Approval Date

7/22/2003

Loan Approval Gross Amount

$61,000

Loan Approval from the SBA

Of the total $61,000 loan amount, the SBA guaranteed $51,850.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 company promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

Understanding Dilution

SBA Participating Banks in Moorhead, Minnesota

Getting an SBA Loan in Minnesota