Getting an SBA Loan for Beauty Salons

With these commercial loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $220,000 was given to a Connecticut entrepreneur in 2007.

This business knew how to go about getting a business bank loan. Based in Glastonbury, Connecticut, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Valley Bank, based in Bristol, Connecticut.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
GLASTONBURY, CT 06033

SBA Loan Lender

VALLEY BANK
FOUR RIVERSIDE AVE
BRISTOL, CT 06010

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

7/20/2007

Loan Approval Gross Amount

$220,000

Loan Approval from the SBA

Of the total $220,000 loan amount, the SBA guaranteed $165,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 110 employees. This SBA loan request indicated that the loan would help generate 15 new jobs and retain 95 existing jobs.

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

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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

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