Borrowing Money 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 $23,220 was given to an Indiana entrepreneur in 2003.

This small firm knew how to go about getting a business bank loan. Based in Martinsville, Indiana, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Citizens Bank, based in Mooresville, Indiana.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
MARTINSVILLE, IN 46151

SBA Loan Lender

CITIZENS BANK
33 N INDIANA ST
MOORESVILLE, IN 46158

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program requires 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

7/15/2003

Loan Approval Gross Amount

$23,220

Loan Approval from the SBA

Of the total $23,220 loan amount, the SBA guaranteed $19,737.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

While you may be able to find business people willing to loan money, 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:

Angel Investors

Small Business Banks in Mooresville, Indiana

Indiana SBA 7A Lenders