 |
 |
May 4, 2024 |
|
|
|
|
||
| Home > Small Business Lenders by State > New York Business Loan Sources > Las Vegas, Business Loans > Citibank Las Vegas Business Loans > Beauty Salons Loan | ||||
 |
||||
Bronx, New York Bank Loan
|
||||
 |
Raising Money for Beauty SalonsWith these business loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $10,000 was given to a New York entrepreneur in 2007. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Bronx, New York was able to borrow $10,000 from Citibank. The SBA made the loan possible by guaranteeing $5,000 of this New York small business loan. SBA Loan Borrower COMPANY TYPE: BEAUTY SALONS SBA Loan Lender CITIBANK The lender provided this SBA bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 812112 - Beauty Salons Loan Approval Date 1/10/2007 Loan Approval Gross Amount $10,000 Loan Approval from the SBA Of the total $10,000 loan amount, the SBA guaranteed $5,000. 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 2 employees. The SBA loan application for the borrower indicated that the loan would help retain 2 existing jobs. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Where to Get an SBA Loan in Las Vegas, Nevada
|
|
||
|
||||
|
|
||||