Getting an SBA Loan for Beauty Salons

With these business loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $81,000 was given to an Illinois entrepreneur in 2001.

Getting a small business loan in Johnston City, Illinois was important for this business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from The Bank Of Marion, operating out of Marion, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
JOHNSTON CITY, IL 62951

SBA Loan Lender

THE BANK OF MARION
300 TOWER SQUARE PLZ
MARION, IL 62959

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program is quick, requiring 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.

SIC Code

7231 - Beauty Shops

NAICS Code

812112 - Beauty Salons

Loan Approval Date

12/4/2001

Loan Approval Gross Amount

$81,000

Loan Approval from the SBA

Of the total $81,000 loan amount, the SBA guaranteed $68,850.

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 5 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

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

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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