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November 15, 2024 |
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| Home > Small Business Lenders by State > Kentucky Business Loan Sources > Louisville, Business Loans > Stock Yards Bank & Trust Louisville Business Loans > Beauty Shops Loan | ||||
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Kentucky Small Business Funding
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Financing for Beauty SalonsWith these loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $40,000 was given to a Kentucky entrepreneur in 2002. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Louisville, Kentucky was able to borrow $40,000 from Stock Yards Bank & Trust. The SBA made the loan possible by guaranteeing $34,000 of this Kentucky small business loan. SBA Loan Borrower COMPANY TYPE: BEAUTY SHOPS SBA Loan Lender STOCK YARDS BANK & TRUST This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a loan . 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. Right now, the maximum small business loan for this SBA program is $100,000. 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 6/7/2002 Loan Approval Gross Amount $40,000 Loan Approval from the SBA Of the total $40,000 loan amount, the SBA guaranteed $34,000. 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 only one employee. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Best Louisville, Kentucky Banks for Small Business
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