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November 24, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Muskegon, Business Loans > Community Shores Bank Muskegon Business Loans > Beauty Shops Loan | ||||
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Small Business Banks in Michigan
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Beauty Salons Small Business LoansWith these small business loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $125,200 was given to a Michigan entrepreneur in 2002. This company knew how to go about getting a business bank loan. Based in Muskegon, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Community Shores Bank, based in Muskegon, Michigan. SBA Loan Borrower COMPANY TYPE: BEAUTY SHOPS SBA Loan Lender COMMUNITY SHORES BANK This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with appliying for an SBA loan . 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. Today, you can borrow up to $100,000 through the low-doc SBA program. 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 7/9/2002 Loan Approval Gross Amount $125,200 Loan Approval from the SBA Of the total $125,200 loan amount, the SBA guaranteed $106,420. 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 8 employees. The SBA loan documents did not indicate that the small business planned to use the money to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans provide money to small business owners for working capital for other expenses. We've showcased information on this loan to let you know that businesses like yours 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: SBA 7A Banks in Muskegon, Michigan Getting a Business Loan in Michigan
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