Cosmetology and Barber Schools Business Loans

With these business loans for cosmetology and barber schools, the SBA guarantees the lender that the loan will be repaid. This cosmetology and barber schools loan for $120,000 was given to a West Virginia entrepreneur in 2000.

This business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Freedom Bank, Inc., out of Bridgeport, West Virginia. The loan was granted and they received $120,000 to help grow their Fairmont, West Virginia business.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
FAIRMONT, WV 26554

SBA Loan Lender

FREEDOM BANK, INC.
625 W MAIN ST
BRIDGEPORT, WV 26330

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7231 - Beauty Shops

NAICS Code

611511 - Cosmetology and Barber Schools

Loan Approval Date

12/19/2000

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $90,000.

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

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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

Attracting Investors

SBA Approved Banks in Bridgeport, West Virginia

West Virginia SBA 7A Lenders