Floor Covering Stores Small Business Loans

Looking for small business loans for floor covering stores? The SBA may be the answer. This $172,500 floor covering stores loan was issued by a Minnesota bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Milaca, Minnesota was able to borrow $172,500 from Woodlands National Bank. The SBA made the loan possible by guaranteeing $129,375 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: FLOOR COVERING STORES
MILACA, MN 56353

SBA Loan Lender

WOODLANDS NATIONAL BANK
424 E MAIN ST
ONAMIA, MN 56359

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

442210 - Floor Covering Stores

Loan Approval Date

3/18/2005

Loan Approval Gross Amount

$172,500

Loan Approval from the SBA

Of the total $172,500 loan amount, the SBA guaranteed $129,375.

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 2 employees. The loan application did not indicate that the company planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Woodlands National Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Role of Business Plan When Raising Money

Where to Get an SBA Loan in Onamia, Minnesota

Getting a Business Loan in Minnesota