Loans for Beauty Salons

With these loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $22,500 was given to an Illinois entrepreneur in 2002.

Getting a small business loan in Loves Park, Illinois was important for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from National City Bank, operating out of Bannockburn, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
LOVES PARK, IL 61111

SBA Loan Lender

NATIONAL CITY BANK
2595 WAUKEGAN RD
BANNOCKBURN, IL 60015

The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

8/2/2002

Loan Approval Gross Amount

$22,500

Loan Approval from the SBA

Of the total $22,500 loan amount, the SBA guaranteed $11,250.

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 15 employees. The SBA loan documents indicated that the loan would help retain 15 existing jobs.

Next Steps for Getting an SBA Loan

If you are interested in getting money to start a business or need money to grow a business, an SBA loan can be a great source of funding.

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:

Determining Proper Capital Structure for a Business

Best Banks for Small Business in Bannockburn, Illinois

Illinois SBA 7A Lenders