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January 16, 2022  
 
 
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First Fed. Savings Bank - Florid Franchise Business Loans

 

 
Loan Census SBA Loan Info

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.

SIC Code

5999 - Retail Stores

NAICS Code

446120 - Cosmetics, Beauty Supplies, and Perfume Stores

Loan Approval Date

2/3/2004

Loan Approval Gross Amount

$121,000

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.

Related Links:

Merle Norman Cosmetics

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Best Banks in Live Oak, Florida

Florida SBA 7A Lenders