How to Get a Loan for Carpet and Rug Mills

Looking for commercial loans for carpet and rug mills? Talk to a banker who works with the SBA. This $72,000 carpet and rug mills loan was issued by a Nebraska bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sutton, Nebraska was able to borrow $72,000 from Sutton State Bank. The SBA made the loan possible by guaranteeing $61,200 of this Nebraska small business loan.

SBA Loan Borrower

COMPANY TYPE: CARPET AND RUG MILLS
SUTTON, NE 68979

SBA Loan Lender

SUTTON STATE BANK
105 S SAUNDERS
SUTTON, NE 68979

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

314110 - Carpet and Rug Mills

Loan Approval Date

3/13/2003

Loan Approval Gross Amount

$72,000

Loan Approval from the SBA

Of the total $72,000 loan amount, the SBA guaranteed $61,200.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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.

While you may be able to borrow money from friends and family, 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.

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