Small Business Loans for Paint and Wallpaper Stores

With these small business loans for paint and wallpaper stores, the SBA guarantees the lender that the loan will be repaid. This paint and wallpaper stores loan for $557,000 was given to a Michigan entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mundy Township, Michigan was able to borrow $557,000 from The State Bank. The SBA made the loan possible by guaranteeing $417,750 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: PAINT AND WALLPAPER STORES
MUNDY TOWNSHIP, MI 48507

SBA Loan Lender

THE STATE BANK
175 N LEROY ST
FENTON, MI 48430

This small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

444120 - Paint and Wallpaper Stores

Loan Approval Date

2/1/2006

Loan Approval Gross Amount

$557,000

Loan Approval from the SBA

Of the total $557,000 loan amount, the SBA guaranteed $417,750.

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 15 employees. The loan application did not indicate that the small business planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small 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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