Virginia Entrepreneur Secures Financing to Buy Merle Norman Cosmetics Franchise

Need a loan to invest in a Merle Norman Cosmetics franchise? 1st Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Merle Norman Cosmetics franchise? If so, here's a 2003 SBA franchise loan that you should know about. 1st Bank & Trust was the lender and the entrepreneur was based in Bristol, Virginia.

SBA Loan Borrower

FIRST IMPRESSION/MERLE NORMAN
BRISTOL, VA 24201

SBA Loan Lender

1ST BANK & TRUST
38 E VALLEY DR
BRISTOL, VA 24203

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

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7231 - Beauty Shops

NAICS Code

611511 - Cosmetology and Barber Schools

Loan Approval Date

4/21/2003

Loan Approval Gross Amount

$358,950

Loan Approval from the SBA

Of the total $358,950 loan amount, the SBA guaranteed $269,212.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Merle Norman Cosmetics franchise. At the time of the loan, the company had 23 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Merle Norman Cosmetics

Debt Financing

SBA 7A Lenders in Bristol, Virginia

Virginia SBA Banks