Where to Get Capital for Beauty Salons

Looking for SBA loans for beauty salons? Try the SBA. This $20,500 beauty salons loan was issued by a Texas bank.

This business knew how to go about getting a business bank loan. Based in El Paso, Texas, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Washington Fed. S & L Association, based in El Paso, Texas.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
EL PASO, TX 79904

SBA Loan Lender

WASHINGTON FED. S & L ASSOCIATION
2290 TRAEWOOD DR
EL PASO, TX 79912

This lender issued this particular small business 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.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

4/22/2002

Loan Approval Gross Amount

$20,500

Loan Approval from the SBA

Of the total $20,500 loan amount, the SBA guaranteed $17,425.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to find money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.

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:

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Small Business Banks in El Paso, Texas

Getting a Business Loan in Texas