Raising Money for Cosmetics, Beauty Supplies, and Perfume Stores

With these bank loans for cosmetics, beauty supplies, and perfume stores, the SBA guarantees the lender that the loan will be repaid. This cosmetics, beauty supplies, and perfume stores loan for $150,000 was given to a Michigan entrepreneur in 2004.

This small firm knew how to go about getting a business bank loan. Based in Kalamazoo, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Portage Commerce Bank, based in Portage, Michigan.

SBA Loan Borrower

COMPANY TYPE: COSMETICS, BEAUTY SUPPLIES, AND PERFUME STORES
KALAMAZOO, MI 49001

SBA Loan Lender

PORTAGE COMMERCE BANK
800 E MILHAM
PORTAGE, MI 49002

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with getting a 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. 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

9/27/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 6 employees. The loan application did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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 Portage Commerce 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:

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Getting an SBA Loan in Michigan