Sterling Heights, MI Entrepreneur Gets SBA Loan to Buy Merle Norman Cosmetics Franchise

Borrowing money to invest in a Merle Norman Cosmetics franchise? National City Bank has a history of making these loans and they are guaranteed by the SBA.

Merle Norman Cosmetics franchise loans are available to Sterling Heights, Michigan entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, National City Bank, based in Indianapolis, Indiana, issued an SBA franchise loan for a Merle Norman Cosmetics franchise in 2002. We've got all the details on this Michigan small business loan.

SBA Loan Borrower

JMC CONTEMPORARY COSMETICS LLC
STERLING HEIGHTS, MI 48313

SBA Loan Lender

NATIONAL CITY BANK
101 W WASHINGTON ST # 100 E
INDIANAPOLIS, IN 46255

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5999 - Retail Stores

NAICS Code

446120 - Cosmetics, Beauty Supplies, and Perfume Stores

Loan Approval Date

8/15/2002

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Merle Norman Cosmetics franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

While you may be able to borrow money from friends and family, 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:

Merle Norman Cosmetics

Business Line of Credit

Best Banks for Small Business in Indianapolis, Indiana

SBA Lenders in Indiana