Raising Money for Barber Shops

With these business loans for barber shops, the SBA guarantees the lender that the loan will be repaid. This barber shops loan for $100,000 was given to a Missouri entrepreneur in 2004.

This business knew how to go about getting a business bank loan. Based in Liberty, Missouri, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Pony Express Bank, based in Braymer, Missouri.

SBA Loan Borrower

COMPANY TYPE: BARBER SHOPS
LIBERTY, MO 64068

SBA Loan Lender

PONY EXPRESS BANK
213 MAIN ST
BRAYMER, MO 64624

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program involves 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

812111 - Barber Shops

Loan Approval Date

6/28/2004

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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 only one employee. 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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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

Related Links:

Attracting Investors

Where to Get an SBA Loan in Braymer, Missouri

Missouri SBA 7A Banks