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November 15, 2024 |
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| Home > Small Business Lenders by State > Louisiana Business Loan Sources > Lafayette, Business Loans > Midsouth Bank Lafayette Business Loans > Cosmetology And Barber Schools Loan | ||||
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Small Business Banks for Houma, Louisiana Small Business Owners
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Local Business Gets a Louisiana SBA LoanLouisianaBusiness loans are available to Louisiana business owners through the SBA. In this case, a Louisiana bank provides the loan. By giving the right information to Midsouth Bank, this Houma, Louisiana business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: COSMETOLOGY AND BARBER SCHOOLS SBA Loan Lender MIDSOUTH BANK This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 611511 - Cosmetology and Barber Schools Loan Approval Date 8/2/2005 Loan Approval Gross Amount $78,500 Loan Approval from the SBA Of the total $78,500 loan amount, the SBA guaranteed $66,725. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Midsouth Bank 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. Related Links:
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