Getting an SBA Loan for Beauty Salons

Looking for commercial loans for beauty salons? An SBA loan may be just what you've been looking for. This $42,500 beauty salons loan was issued by an Ohio bank.

This business knew how to go about getting a business bank loan. Based in Berlin, Ohio, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Firstmerit Cr. Life Insur Co, based in Akron, Ohio.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
BERLIN, OH 44610

SBA Loan Lender

FIRSTMERIT CR. LIFE INSUR CO
106 S MAIN ST, #C
AKRON, OH 44308

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

812112 - Beauty Salons

Loan Approval Date

10/13/2004

Loan Approval Gross Amount

$42,500

Loan Approval from the SBA

Of the total $42,500 loan amount, the SBA guaranteed $36,125.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Firstmerit Cr. Life Insur Co had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Firstmerit Cr. Life Insur Co made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

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SBA 7A Banks for Akron, Ohio Loans

Getting an SBA Loan in Ohio