Raising Money for Furniture Stores

With these business loans for furniture stores, the SBA guarantees the lender that the loan will be repaid. This furniture stores loan for $150,000 was given to an Arkansas entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Little Rock, Arkansas was able to borrow $150,000 from Metropolitan National Bank. The SBA made the loan possible by guaranteeing $127,500 of this Arkansas small business loan.

SBA Loan Borrower

COMPANY TYPE: FURNITURE STORES
LITTLE ROCK, AR 72205

SBA Loan Lender

METROPOLITAN NATIONAL BANK
425 W CAPITOL AVE
LITTLE ROCK, AR 72201

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

442110 - Furniture Stores

Loan Approval Date

8/6/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 only one employee. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Metropolitan National Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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