Where to Get Capital for Barber Shops

Looking for small business loans for barber shops? Try the SBA. This $32,000 barber shops loan was issued by a New Mexico bank.

This company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Lea County State Bank, out of Hobbs, New Mexico. The loan was granted and they received $32,000 to help grow their Hobbs, New Mexico business.

SBA Loan Borrower

COMPANY TYPE: BARBER SHOPS
HOBBS, NM 88240

SBA Loan Lender

LEA COUNTY STATE BANK
1017 N TURNER
HOBBS, NM 88240

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812111 - Barber Shops

Loan Approval Date

7/12/2005

Loan Approval Gross Amount

$32,000

Loan Approval from the SBA

Of the total $32,000 loan amount, the SBA guaranteed $27,200.

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. This SBA loan request did not indicate that the company promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Lea County State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Lea County State Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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