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May 5, 2024 |
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| Home > Small Business Lenders by State > Maine Business Loan Sources > Norway, Business Loans > Norway Savings Bank Norway Business Loans > Furniture Stores Loan | ||||
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How to Get a Loan for Furniture StoresLooking for business loans for furniture stores? The SBA may be the answer. This $150,000 furniture stores loan was issued by a Maine bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Portland, Maine was able to borrow $150,000 from Norway Savings Bank. The SBA made the loan possible by guaranteeing $75,000 of this Maine small business loan. SBA Loan Borrower COMPANY TYPE: FURNITURE STORES SBA Loan Lender NORWAY SAVINGS BANK The lender provided this 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 5/18/2005 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $75,000. 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 4 employees. The SBA loan application for the borrower indicated that the borrowed money would help generate 4 new jobs. Next Steps for Getting an SBA Loan Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Norway Savings Bank and they will explain how you can get an SBA loan for your company. 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: SBA Approved Banks in Norway, Maine
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