Floor Covering Stores SBA Loans

With these SBA loans for floor covering stores, the SBA guarantees the lender that the loan will be repaid. This floor covering stores loan for $180,000 was given to a Massachusetts entrepreneur in 2001.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Worcester, Massachusetts was able to borrow $180,000 from Hometown Bank A Co-Operative B. The SBA made the loan possible by guaranteeing $135,000 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: FLOOR COVERING STORES
WORCESTER, MA 01610

SBA Loan Lender

HOMETOWN BANK A CO-OPERATIVE B
31 SUTTON AVE
OXFORD, MA 01540

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide 7A business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5713 - Floor Covering Stores

NAICS Code

442210 - Floor Covering Stores

Loan Approval Date

11/15/2001

Loan Approval Gross Amount

$180,000

Loan Approval from the SBA

Of the total $180,000 loan amount, the SBA guaranteed $135,000.

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 4 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Hometown Bank A Co-Operative B and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

How to Raise Money

Small Business Banks in Oxford, Massachusetts

Massachusetts SBA 7A Banks