Loan to Buy Merle Norman Cosmetics Franchise Issued By First Fed. Savings Bank - Florid
Need money to buy a Merle Norman Cosmetics franchise? First Fed. Savings Bank - Florid has a history of making these loans and they are guaranteed by the SBA.
An entrepreneur in Lake City, Florida needed money to invest in a Merle Norman Cosmetics franchise back in 2004. First Fed. Savings Bank - Florid issued an SBA franchise loan. Here are the details on this Florida small business loan.
SBA Loan Borrower
MERLE NORMAN COSMETICS
LAKE CITY, FL 32095
SBA Loan Lender
FIRST FED. SAVINGS BANK - FLORID
804 S OHIO AVE
LIVE OAK, FL 32060
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
5999 - Retail Stores
446120 - Cosmetics, Beauty Supplies, and Perfume Stores
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $121,000 loan amount, the SBA guaranteed $102,850.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy a Merle Norman Cosmetics franchise. At the time of the loan, the company
had 2 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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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