Get an SBA Loan for Barber Shops

With these bank loans for barber shops, the SBA guarantees the lender that the loan will be repaid. This barber shops loan for $40,000 was given to a Michigan entrepreneur in 2006.

Getting a small business loan in Detroit, Michigan was important for this growing firm back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Paramount Bank, operating out of Farmington Hills, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: BARBER SHOPS
DETROIT, MI 48227

SBA Loan Lender

PARAMOUNT BANK
31000 NORTHWESTERN HWY, STE 2
FARMINGTON HILLS, MI 48334

This lender processed this loan for a small business under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

812111 - Barber Shops

Loan Approval Date

9/14/2006

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $20,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 7 new jobs and retain 7 existing jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Financing Your Business

Best Banks for Small Business in Farmington Hills, Michigan

SBA Michigan Banks