Business Loan from Sandy Spring Bank Given to Beauty Shops Company

An SBA loan from Sandy Spring Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Annapolis, Maryland business owner got a $200,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Sandy Spring Bank, out of Olney, Maryland. The loan was granted and they received $200,000 to help grow their Annapolis, Maryland business.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
ANNAPOLIS, MD 21401

SBA Loan Lender

SANDY SPRING BANK
17801 GEORGIA AVE
OLNEY, MD 20832

This lender issued this SBA business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7231 - Beauty Shops

NAICS Code

611511 - Cosmetology and Barber Schools

Loan Approval Date

4/23/2001

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

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 36 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Sandy Spring Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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.

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