Get an SBA Loan for Beauty Salons

With these loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $557,600 was given to a North Carolina entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Charlotte, North Carolina was able to borrow $557,600 from Self-Help Cu. The SBA made the loan possible by guaranteeing $418,200 of this North Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
CHARLOTTE, NC 28208

SBA Loan Lender

SELF-HELP CU
301 W MAIN ST
DURHAM, NC 27701

This lender issued this loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

5/28/2002

Loan Approval Gross Amount

$557,600

Loan Approval from the SBA

Of the total $557,600 loan amount, the SBA guaranteed $418,200.

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 SBA loan application for the borrower did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $557,600 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Small Business Loan

SBA 7A Banks in Durham, North Carolina

SBA Participating Banks in North Carolina