How to Get a Loan for Beauty Salons
With these business loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $52,000 was given to a Texas entrepreneur in 2005.
This small business knew how to go about getting a business bank loan. Based in Plano, Texas, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Banco Popular North America, based in New York City, New York.
SBA Loan Borrower
COMPANY TYPE: BEAUTY SALONS
PLANO, TX 75075
SBA Loan Lender
BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
812112 - Beauty Salons
Loan Approval Date
3/18/2005
Loan Approval Gross Amount
$52,000
Loan Approval from the SBA
Of the total $52,000 loan amount, the SBA guaranteed $44,200.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had only one employee. The loan application indicated that the loan would help generate 7 new jobs and retain 1 existing job.
Next Steps for Getting an SBA Loan
SBA loans provide smart, affordable business financing for small businesses looking to expand.
If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Banco Popular North America so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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 Line of Credit
SBA Approved Banks in New York City, New York
SBA New York Lenders