Borrowing Money for Home Furnishings Stores

With these loans for home furnishings stores, the SBA guarantees the lender that the loan will be repaid. This home furnishings stores loan for $50,000 was given to a Connecticut entrepreneur in 2002.

Getting a small business loan in Trumbull, Connecticut was important for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Newtown Savings Bank, operating out of Newtown, Connecticut. Here are the details on this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: USED MERCHANDISE STORES
TRUMBULL, CT 06611

SBA Loan Lender

NEWTOWN SAVINGS BANK
39 MAIN ST
NEWTOWN, CT 06470

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5932 - Used Merchandise Stores

NAICS Code

442299 - Home Furnishings Stores

Loan Approval Date

8/23/2002

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 2 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you have been wondering how do i get money to start a business in Trumbull CT, you ought to talk with a local Trumbull SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Trumbull 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.

Related Links:

Microlending as a Small Business Funding Source

SBA 7A Banks for Newtown, Connecticut Loans

Where to Get an SBA Loan Connecticut