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April 19, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Houston, Business Loans > Sterling Bank Houston Business Loans > Merle Norman Studio Cosmetics Loan | ||||
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Requirements for Getting a Franchise Loan
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Sterling Bank Provides SBA Loan to Buy Merle Norman Cosmetics FranchiseNeed money to buy a Merle Norman Cosmetics franchise? Sterling Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Friendswood, Texas needed money to invest in a Merle Norman Cosmetics franchise back in 2003. Sterling Bank issued an SBA franchise loan. Here are the details on this Texas small business loan. SBA Loan Borrower MERLE NORMAN STUDIO COSMETICS SBA Loan Lender STERLING BANK This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 446120 - Cosmetics, Beauty Supplies, and Perfume Stores Loan Approval Date 9/23/2003 Loan Approval Gross Amount $112,000 Loan Approval from the SBA Of the total $112,000 loan amount, the SBA guaranteed $95,200. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Merle Norman Cosmetics franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the company promised to use the funding to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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 Sterling 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: Where to Get an SBA Loan in Houston, Texas Where to Get an SBA Loan Texas
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