Raising Money for Beauty Salons

With these bank loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $35,900 was given to an Oklahoma entrepreneur in 2005.

This company knew how to go about getting a business bank loan. Based in Lindsay, Oklahoma, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was International Bank Of Commerce, based in Oklahoma City, Oklahoma.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
LINDSAY, OK 73052

SBA Loan Lender

INTERNATIONAL BANK OF COMMERCE
3601 NW 63RD ST
OKLAHOMA CITY, OK 73116

This lender processed this small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

6/13/2005

Loan Approval Gross Amount

$35,900

Loan Approval from the SBA

Of the total $35,900 loan amount, the SBA guaranteed $17,950.

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. This SBA loan request indicated that the loan would help retain 2 existing jobs.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Understanding Dilution

Small Business Banks in Oklahoma City, Oklahoma

Getting an SBA Loan in Oklahoma