Raising Money for Floor Covering Stores

Looking for bank loans for floor covering stores? Try the SBA. This $31,500 floor covering stores loan was issued by an Iowa bank.

Getting a small business loan in Rock Rapids, Iowa was important for this growing firm back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Peoples Bank, operating out of Rock Valley, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: FLOOR COVERING STORES
ROCK RAPIDS, IA 56156

SBA Loan Lender

PEOPLES BANK
1230 VALLEY DR
ROCK VALLEY, IA 51247

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

442210 - Floor Covering Stores

Loan Approval Date

5/18/2005

Loan Approval Gross Amount

$31,500

Loan Approval from the SBA

Of the total $31,500 loan amount, the SBA guaranteed $26,775.

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 2 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

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

SBA loans provide money to small business owners for working capital for other expenses.

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 Peoples 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.

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