Business Loan from Commerce Bank Given to Cosmetology And Barber Schools Company

Commerce Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Pennsylvania entrepreneur was able to get a loan to take a small business to the next level.

This business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Commerce Bank, out of Philadelphia, Pennsylvania. The loan was granted and they received $385,000 to help grow their York, Pennsylvania business.

SBA Loan Borrower

COMPANY TYPE: COSMETOLOGY AND BARBER SCHOOLS
YORK, PA 17401

SBA Loan Lender

COMMERCE BANK
2005 MARKET ST
PHILADELPHIA, PA 19103

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

611511 - Cosmetology and Barber Schools

Loan Approval Date

11/7/2005

Loan Approval Gross Amount

$385,000

Loan Approval from the SBA

Of the total $385,000 loan amount, the SBA guaranteed $288,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The SBA loan documents indicated that the loan would help generate 4 new jobs and retain 1 existing job.

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

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We can help you find the best banks for small businesses in York or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

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Small Bank Loans in Philadelphia, Pennsylvania

SBA Participating Banks in Pennsylvania