Mid-Missouri Bank Gives SBA Loan to Beauty Shops Company

Small business loans in Missouri are tough to come by these days. We take a look at one Missouri small business loan, provided by a Missouri bank, that was approved by the SBA.

You can learn something about getting a small business loan in Fair Play, Missouri by studying this loan to a local company, made back in 2004. Banks like Mid-Missouri Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
FAIR PLAY, MO 65649

SBA Loan Lender

MID-MISSOURI BANK
330 W PLAINVIEW, STE K
SPRINGFIELD, MO 65810

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7231 - Beauty Shops

NAICS Code

812112 - Beauty Salons

Loan Approval Date

10/18/2004

Loan Approval Gross Amount

$15,300

Loan Approval from the SBA

Of the total $15,300 loan amount, the SBA guaranteed $13,005.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the company promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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

Related Links:

Business Line of Credit

SBA 7A Lenders in Springfield, Missouri

Getting a Business Loan in Missouri