Raising Money for Furniture Stores

With these bank loans for furniture stores, the SBA guarantees the lender that the loan will be repaid. This furniture stores loan for $185,100 was given to a Minnesota entrepreneur in 2005.

This company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Wells Fargo Bank, out of Minneapolis, Minnesota. The loan was granted and they received $185,100 to help grow their Red Wing, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: FURNITURE STORES
RED WING, MN 55066

SBA Loan Lender

WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408

This lender issued this business 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

442110 - Furniture Stores

Loan Approval Date

9/28/2005

Loan Approval Gross Amount

$185,100

Loan Approval from the SBA

Of the total $185,100 loan amount, the SBA guaranteed $138,825.

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 only one employee. This SBA loan request did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Business Incubators

SBA 7A Banks for Minneapolis, Minnesota Loans

SBA Minnesota Lenders