SBA Loans for Nail Salons

With these SBA loans for nail salons, the SBA guarantees the lender that the loan will be repaid. This nail salons loan for $75,000 was given to a New York entrepreneur in 2003.

Getting a small business loan in Elmira, New York was important for this business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Community Bank, operating out of Elmira, New York. Here are the details on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
ELMIRA, NY 14901

SBA Loan Lender

COMMUNITY BANK
830 COUNTY RTE 64
ELMIRA, NY 14903

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

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

6/24/2003

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

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 only one employee. The SBA loan documents did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $75,000 loan. Remember, you control your own destiny.

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:

Bank Credit Lines

Banks in Elmira, New York

Getting a Business Loan in New York