SBA Loan from Prime Security Bank Helps Beauty Shops Company

An SBA loan from Prime Security Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Shakopee, Minnesota business owner got a $75,000 loan.

This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Prime Security Bank, out of Shakopee, Minnesota. The loan was granted and they received $75,000 to help grow their Shakopee, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
SHAKOPEE, MN 55379

SBA Loan Lender

PRIME SECURITY BANK
1305 VIERLING DR
SHAKOPEE, MN 55379

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

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

5/20/2002

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

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 11 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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 - Getting Venture Capital

Small Business Banks in Shakopee, Minnesota

Getting an SBA Loan in Minnesota