Financing for Beauty Salons

With these loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $100,000 was given to an Indiana entrepreneur in 2002.

This small firm knew how to go about getting a business bank loan. Based in Greenwood, Indiana, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Irwin Union Bank & Trust, based in Traverse City, Michigan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
GREENWOOD, IN 46142

SBA Loan Lender

IRWIN UNION BANK & TRUST
333 W GRANDVIEW PKWY, STE 110
TRAVERSE CITY, MI 49684

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7231 - Beauty Shops

NAICS Code

812112 - Beauty Salons

Loan Approval Date

12/9/2002

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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

Start the Process for Getting an SBA Loan Today!

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

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Irwin Union Bank & Trust that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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 - How to Borrow Money

Good Banks for Small Business in Traverse City, Michigan

SBA Participating Banks in Michigan