Where to Get Capital for Carpet and Rug Mills

With these SBA loans for carpet and rug mills, the SBA guarantees the lender that the loan will be repaid. This carpet and rug mills loan for $1,120,000 was given to a Minnesota entrepreneur in 2005.

This small business knew how to go about getting a business bank loan. Based in Noth Plymouth, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was U.S. Bank National Association, based in San Diego, California.

SBA Loan Borrower

COMPANY TYPE: CARPET AND RUG MILLS
NOTH PLYMOUTH, MN 55441

SBA Loan Lender

U.S. BANK NATIONAL ASSOCIATION
9918 HIBERT ST, STE 100
SAN DIEGO, CA 92131

This lender issued this bank loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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

314110 - Carpet and Rug Mills

Loan Approval Date

3/18/2005

Loan Approval Gross Amount

$1,120,000

Loan Approval from the SBA

Of the total $1,120,000 loan amount, the SBA guaranteed $840,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 14 employees. The loan application did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

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.

Related Links:

Startup Funding Tip

SBA 7A Banks in San Diego, California

Getting an SBA Loan in California