Business Loan from Wachovia Bank Given to Beauty Shops Company

Wachovia Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Mississippi entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Ocean Springs, Mississippi was an essential business goal for this firm back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Wachovia Bank, operating out of Biloxi, Mississippi. Here are the details on this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
OCEAN SPRINGS, MS 39564

SBA Loan Lender

WACHOVIA BANK
854 HOWARD AVE
BILOXI, MS 39530

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. 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.

SIC Code

7231 - Beauty Shops

NAICS Code

812112 - Beauty Salons

Loan Approval Date

3/30/2000

Loan Approval Gross Amount

$104,800

Loan Approval from the SBA

Of the total $104,800 loan amount, the SBA guaranteed $78,600.

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 2 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Wachovia Bank and they will explain how you can get an SBA loan for your company.

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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