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November 15, 2024 |
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| Home > Small Business Lenders by State > Pennsylvania Business Loan Sources > Scranton, Business Loans > Pennstar Bank, A Division Of Scranton Business Loans > Beauty Shops Loan | ||||
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Small Business Banks That Lend to Scranton Business Owners
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Pennsylvania SBA Loan Issued to Beauty Shops CompanyBank loans in Pennsylvania are hard to find these days. We take a look at one Pennsylvania bank loan, provided by a Pennsylvania bank, that was approved by the SBA. By giving the right information to Pennstar Bank, A Division Of, this Scranton, Pennsylvania business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: BEAUTY SHOPS SBA Loan Lender PENNSTAR BANK, A DIVISION OF This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. 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 11/6/2002 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. 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 5 employees. The SBA loan documents did not indicate that the business promised to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business If you are raising money in Scranton PA, you ought to talk with a local Scranton SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Scranton businesses. If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Pennstar Bank, A Division Of 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: Obtaining Funding - How to Decide How Much to Raise Best Scranton, Pennsylvania Banks for Small Business
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