Where to Get Capital for Furniture Stores

With these small business loans for furniture stores, the SBA guarantees the lender that the loan will be repaid. This furniture stores loan for $252,500 was given to an Iowa entrepreneur in 2007.

Getting a small business loan in Spirit Lake, Iowa was important for this company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Newtek Small Business Finance Inc., operating out of New York, New York. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: FURNITURE STORES
SPIRIT LAKE, IA 51360

SBA Loan Lender

NEWTEK SMALL BUSINESS FINANCE INC.
1440 BROADWAY, 17TH FL.
NEW YORK, NY 10018

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

442110 - Furniture Stores

Loan Approval Date

5/11/2007

Loan Approval Gross Amount

$252,500

Loan Approval from the SBA

Of the total $252,500 loan amount, the SBA guaranteed $189,375.

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 2 employees. The loan application indicated that the loan would help generate 3 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Newtek Small Business Finance Inc. had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Newtek Small Business Finance Inc. made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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