Beauty Salons Loans

With these loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $169,100 was given to a Mississippi entrepreneur in 2001.

This small firm knew how to go about getting a business bank loan. Based in Long Beach, Mississippi, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Hancock Bank, based in Gulfport, Mississippi.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
LONG BEACH, MS 39560

SBA Loan Lender

HANCOCK BANK
2510 14TH ST
GULFPORT, MS 39501

This lender issued this small business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

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

8/23/2001

Loan Approval Gross Amount

$169,100

Loan Approval from the SBA

Of the total $169,100 loan amount, the SBA guaranteed $126,825.

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 8 employees. The loan application did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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.

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