First State Bank Of St. Joseph Provides SBA Loan to Buy Cost Cutter Family Hair Care Franchise

Need money to buy a Cost Cutter Family Hair Care franchise? First State Bank Of St. Joseph has a history of making these loans and they are guaranteed by the SBA.

If you live near Sartell, Minnesota and are interested in buying a Cost Cutter Family Hair Care franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by First State Bank Of St. Joseph. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

COST CUTTERS
SARTELL, MN 56377

SBA Loan Lender

FIRST STATE BANK OF ST. JOSEPH
400 4TH AVE NE
SAINT JOSEPH, MN 56374

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7231 - Beauty Shops

NAICS Code

812112 - Beauty Salons

Loan Approval Date

10/8/2003

Loan Approval Gross Amount

$54,500

Loan Approval from the SBA

Of the total $54,500 loan amount, the SBA guaranteed $46,325.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Cost Cutter Family Hair Care franchise. At the time of the loan, the company had 23 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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.

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