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March 29, 2024  
 
 
  Business Loan Information  
 

Clarendon Hills, Illinois Bank Loan

 

 
Loan Census SBA Loan Info

Financing for Furniture Stores

Looking for loans for furniture stores? The SBA may be the answer. This $75,000 furniture stores loan was issued by an Arizona bank.

This small firm knew how to go about getting a business bank loan. Based in Clarendon Hills, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Jpmorgan Chase Bank, based in Phoenix, Arizona.

SBA Loan Borrower

COMPANY TYPE: FURNITURE STORES
CLARENDON HILLS, IL 60514

SBA Loan Lender

JPMORGAN CHASE BANK
1820 E SKY HARBOR CIRCLE SOUT
PHOENIX, AZ 85034

The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

442110 - Furniture Stores

Loan Approval Date

8/25/2006

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $37,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 15 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 15 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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 Jpmorgan Chase Bank 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:

Advice on Getting a Small Business Loan

Banks in Phoenix, Arizona

Arizona SBA Banks