Getting an SBA Loan for Cosmetology and Barber Schools

Looking for business loans for cosmetology and barber schools? Try the SBA. This $50,000 cosmetology and barber schools loan was issued by a Minnesota bank.

This business knew how to go about getting a business bank loan. Based in Cobden, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Farmers & Merchants St. Bank - S, based in Springfield, Minnesota.

SBA Loan Borrower

COMPANY TYPE: COSMETOLOGY AND BARBER SCHOOLS
COBDEN, MN 56085

SBA Loan Lender

FARMERS & MERCHANTS ST. BANK - S
101 N MARSHALL
SPRINGFIELD, MN 56087

This lender issued this particular bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

611511 - Cosmetology and Barber Schools

Loan Approval Date

5/25/2005

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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 14 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you are working on finding money to start a business in Cobden MN, you ought to talk with a local Cobden SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Cobden businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Farmers & Merchants St. Bank - S had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Farmers & Merchants St. Bank - S 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.

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