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November 15, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Utica, Business Loans > Manufacturers & Traders Trust Utica Business Loans > Beauty Shops Loan | ||||
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SBA 7A Banks in New York
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Small Business Loans for Beauty SalonsLooking for small business loans for beauty salons? An SBA loan may be just what you've been looking for. This $63,000 beauty salons loan was issued by a New York bank. This company knew how to go about getting a business bank loan. Based in Utica, New York, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Manufacturers & Traders Trust, based in Utica, New York. SBA Loan Borrower COMPANY TYPE: BEAUTY SHOPS SBA Loan Lender MANUFACTURERS & TRADERS TRUST This was a Low Documentation SBA loan. The SBA launched this program to reduce 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 10/26/2000 Loan Approval Gross Amount $63,000 Loan Approval from the SBA Of the total $63,000 loan amount, the SBA guaranteed $50,400. 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 11 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan If you need money to start a business or need money for an existing business, an SBA loan can be a great source of funding. 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: Good Banks for Small Business in Utica, New York
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