Lake Area Bank Provides SBA Loan to Buy Cost Cutter Family Hair Care Franchise

Need a loan to buy a Cost Cutter Family Hair Care franchise? Lake Area Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Cost Cutter Family Hair Care franchise requires some effort but others before you have been successful. In 2000, Lake Area Bank issued an SBA franchise loan to an entrepreneur in Forest Lake, Minnesota. Because Cost Cutter Family Hair Care was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

RICO ENTERPRISES, INC.
FOREST LAKE, MN 55025

SBA Loan Lender

LAKE AREA BANK
91 S LAKE ST
FOREST LAKE, MN 55025

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

Loan Approval Date

1/31/2000

Loan Approval Gross Amount

$90,000

Loan Approval from the SBA

Of the total $90,000 loan amount, the SBA guaranteed $72,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Cost Cutter Family Hair Care franchise. At the time of the loan, the company had 30 employees. The loan application did not indicate that the company promised to use the money to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you need business start up money in Forest Lake MN, you ought to talk with a local Forest Lake SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Forest Lake businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Lake Area Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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