Bank Loans for Cosmetology and Barber Schools

With these bank loans for cosmetology and barber schools, the SBA guarantees the lender that the loan will be repaid. This cosmetology and barber schools loan for $250,000 was given to a Minnesota entrepreneur in 2004.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Rochester, Minnesota was able to borrow $250,000 from Merchants Bank. The SBA made the loan possible by guaranteeing $125,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: COSMETOLOGY AND BARBER SCHOOLS
ROCHESTER, MN 55901

SBA Loan Lender

MERCHANTS BANK
102 E THIRD ST
WINONA, MN 55987

This lender processed this SBA business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

611511 - Cosmetology and Barber Schools

Loan Approval Date

12/29/2004

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $125,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 10 employees. The loan application indicated that the loan would help generate 3 new jobs and retain 7 existing jobs.

Next Steps for Getting an SBA Loan

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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $250,000 loan. Remember, if it to be, it is up to me!

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:

SBIR Funding

Good Banks for Small Business in Winona, Minnesota

SBA Lenders in Minnesota