Raising Money for Barber Shops

With these bank loans for barber shops, the SBA guarantees the lender that the loan will be repaid. This barber shops loan for $47,600 was given to a Michigan entrepreneur in 2006.

This small firm knew how to go about getting a business bank loan. Based in Traverse City, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was National City Bank, based in Bannockburn, Illinois.

SBA Loan Borrower

COMPANY TYPE: BARBER SHOPS
Traverse City, MI 49684

SBA Loan Lender

NATIONAL CITY BANK
2595 WAUKEGAN RD
BANNOCKBURN, IL 60015

This SBA bank loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

812111 - Barber Shops

Loan Approval Date

1/6/2006

Loan Approval Gross Amount

$47,600

Loan Approval from the SBA

Of the total $47,600 loan amount, the SBA guaranteed $23,800.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 8 employees. The SBA loan documents indicated that the loan would help retain 8 existing jobs.

Getting an SBA Loan For Your Business

If you need money to start business in Traverse City MI, you ought to talk with a local Traverse City SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Traverse City businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $47,600 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Obtaining Funding - Getting Venture Capital

Banks in Bannockburn, Illinois

Getting an SBA Loan in Illinois