Akron, Ohio Bank Gives SBA Loan to Beauty Shops Company

Thinking about meeting with an Akron, Ohio bank about a business loan? Here's one Ohio business loan, issued by an Akron bank, that was approved by the SBA.

Applying for an SBA loan with Firstmerit Bank worked out well for our friends at one local business in Canton, Ohio. They received an SBA loan for $51,300. Awesome!

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
CANTON, OH 44705

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7231 - Beauty Shops

NAICS Code

812113 - Nail Salons

Loan Approval Date

10/17/2002

Loan Approval Gross Amount

$51,300

Loan Approval from the SBA

Of the total $51,300 loan amount, the SBA guaranteed $43,605.

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 7 employees. This SBA loan request did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Firstmerit 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.

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