Manufacturers & Traders Trust Gives Bank Loan to Barber Shops Company

Want a Maryland business loan? This Maryland entrepreneur got a business loan, provided by a Maryland bank that works with the SBA to help small business owners.

This small business, based in Gaithersburg, Maryland, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Manufacturers & Traders Trust. We've got the inside scoop on this Maryland small business loan.

SBA Loan Borrower

COMPANY TYPE: BARBER SHOPS
GAITHERSBURG, MD 20879

SBA Loan Lender

MANUFACTURERS & TRADERS TRUST
405 WASHINGTON AVE
TOWSON, MD 21204

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7241 - Barber Shops

NAICS Code

812111 - Barber Shops

Loan Approval Date

11/28/2000

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $60,000.

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 10 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Manufacturers & Traders Trust so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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