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November 15, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > Sarasota, Business Loans > Colonial Bank Sarasota Business Loans > Beauty Shops Loan | ||||
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Where to Get Capital for Personal Care ServicesWith these SBA loans for personal care services, the SBA guarantees the lender that the loan will be repaid. This personal care services loan for $96,500 was given to a Florida entrepreneur in 2003. Getting a small business loan in Sarasota, Florida was important for this business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Colonial Bank, operating out of Sarasota, Florida. Here are the details on this Florida small business loan. SBA Loan Borrower COMPANY TYPE: BEAUTY SHOPS SBA Loan Lender COLONIAL BANK This was a Low Documentation SBA loan. The SBA launched 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. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7231 - Beauty Shops NAICS Code 812199 - Personal Care Services Loan Approval Date 5/20/2003 Loan Approval Gross Amount $96,500 Loan Approval from the SBA Of the total $96,500 loan amount, the SBA guaranteed $82,025. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 7 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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: Small Bank Loans in Sarasota, Florida
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