Small Business Loans for Beauty Salons
With these small business loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $20,000 was given to a Minnesota entrepreneur in 2007.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Brooklyn Park, Minnesota was able to borrow $20,000 from M&i Marshall & Ilsley Bank. The SBA made the loan possible by guaranteeing $10,000 of this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: BEAUTY SALONS
Brooklyn Park, MN 55443
SBA Loan Lender
M&I MARSHALL & ILSLEY BANK
770 N WATER ST
MILWAUKEE, WI 53202
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
NAICS Code
812112 - Beauty Salons
Loan Approval Date
6/20/2007
Loan Approval Gross Amount
$20,000
Loan Approval from the SBA
Of the total $20,000 loan amount, the SBA guaranteed $10,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had no employees. The SBA loan documents indicated that the borrowed money would help generate 5 new jobs.
Great, But How Can I Get an SBA Loan for My Business?
If you need money to start business in Brooklyn Park MN, you ought to talk with a local Brooklyn Park SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Brooklyn Park businesses.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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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