Cosmetology and Barber Schools Loans

With these loans for cosmetology and barber schools, the SBA guarantees the lender that the loan will be repaid. This cosmetology and barber schools loan for $300,000 was given to a New Jersey entrepreneur in 2003.

This company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with 1st Constitution Bank, out of Cranbury, New Jersey. The loan was granted and they received $300,000 to help grow their Passaic, New Jersey business.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
PASSAIC, NJ 07055

SBA Loan Lender

1ST CONSTITUTION BANK
74 N MAIN ST
CRANBURY, NJ 08512

This lender issued this loan for a small business under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7231 - Beauty Shops

NAICS Code

611511 - Cosmetology and Barber Schools

Loan Approval Date

7/18/2003

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $225,000.

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 11 employees. This SBA loan request did not indicate that the business promised to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like 1st Constitution Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Business Incubators

Where to Get an SBA Loan in Cranbury, New Jersey

Getting an SBA Loan in New Jersey