Beauty Salons Commercial Loans

With these commercial loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $102,261 was given to a Michigan entrepreneur in 2005.

This small business knew how to go about getting a business bank loan. Based in Monroe, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Monroe Bank & Trust, based in Monroe, Michigan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
MONROE, MI 48161

SBA Loan Lender

MONROE BANK & TRUST
102 E FRONT ST
MONROE, MI 48161

This was a Low Documentation SBA loan. The SBA launched 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. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

1/31/2005

Loan Approval Gross Amount

$102,261

Loan Approval from the SBA

Of the total $102,261 loan amount, the SBA guaranteed $86,921.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Monroe Bank & Trust and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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