How to Get a Loan for Beauty Salons

With these commercial loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $117,000 was given to an Ohio entrepreneur in 2001.

This business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with National City Bank, out of Indianapolis, Indiana. The loan was granted and they received $117,000 to help grow their Cleveland, Ohio business.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
CLEVELAND, OH 44127

SBA Loan Lender

NATIONAL CITY BANK
101 W WASHINGTON ST # 100 E
INDIANAPOLIS, IN 46255

This SBA loan was financed by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a comprehensive analysis of the loan application and, in return, SBA delivers a quick answer on whether the loan qualifies.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

10/2/2001

Loan Approval Gross Amount

$117,000

Loan Approval from the SBA

Of the total $117,000 loan amount, the SBA guaranteed $99,450.

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 only one employee. The SBA loan documents did not indicate that the company planned to use the money to add employees or retain any existing employees.

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

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into National City Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Find Start-Up Capital

Best Banks in Indianapolis, Indiana

Browse All Business Loan Sources for Indiana