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May 14, 2024 |
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| Home > Small Business Lenders by State > Kentucky Business Loan Sources > Pikeville, Business Loans > Community Trust Bank, Inc. Pikeville Business Loans > Beauty Shops Loan | ||||
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Kentucky Bank SBA Loans
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Community Trust Bank, Inc. SBA Loan to Beauty Shops CompanyLooking to get a Kentucky small business loan? Here's one Kentucky business loan that was approved by the SBA. This growing firm needed an SBA business loan in Middlesboro, Kentucky back in 2000 and, after submitting their loan application, they were successful in getting an SBA loan from Community Trust Bank, Inc., operating out of Pikeville, Kentucky. Here are the details on this Kentucky small business loan. SBA Loan Borrower COMPANY TYPE: BEAUTY SHOPS SBA Loan Lender COMMUNITY TRUST BANK, INC. This was a Low Documentation SBA loan. The SBA launched this program to reduce 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. SIC Code 7231 - Beauty Shops Loan Approval Date 1/6/2000 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $112,500. More Information on This SBA Loan The borrower borrowed this money for a new 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 only one employee. The loan application did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. 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 Community Trust Bank, Inc. 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: SBA Banks in Pikeville, Kentucky
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