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November 15, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Cleveland, Business Loans > Rbs Citizens Cleveland Business Loans > Beauty Salons Loan | ||||
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Phelps, New York Bank Loan
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Small Business Loans for Beauty SalonsWith these small business loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $11,700 was given to a New York entrepreneur in 2004. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Phelps, New York was able to borrow $11,700 from Rbs Citizens. The SBA made the loan possible by guaranteeing $5,850 of this New York small business loan. SBA Loan Borrower COMPANY TYPE: BEAUTY SALONS SBA Loan Lender RBS CITIZENS This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 812112 - Beauty Salons Loan Approval Date 12/21/2004 Loan Approval Gross Amount $11,700 Loan Approval from the SBA Of the total $11,700 loan amount, the SBA guaranteed $5,850. 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 planned to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Raising VC Money for Social Networking Companies SBA 7A Banks in Cleveland, Ohio
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