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May 17, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Portage, Business Loans > Portage Commerce Bank Portage Business Loans > Beauty Salons Loan | ||||
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Requirements for Small Business Owners On Getting a Loan
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Beauty Salons LoansWith these loans for beauty salons, the SBA guarantees the lender that the loan will be repaid. This beauty salons loan for $116,400 was given to a Michigan entrepreneur in 2006. This small firm knew how to go about getting a business bank loan. Based in Portage, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Portage Commerce Bank, based in Portage, Michigan. SBA Loan Borrower COMPANY TYPE: BEAUTY SALONS SBA Loan Lender PORTAGE COMMERCE BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812112 - Beauty Salons Loan Approval Date 11/14/2006 Loan Approval Gross Amount $116,400 Loan Approval from the SBA Of the total $116,400 loan amount, the SBA guaranteed $98,940. More Information on This SBA Loan The borrower borrowed this money for an existing 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 9 employees. The SBA loan application for the borrower indicated that the loan would help generate 16 new jobs and retain 9 existing jobs. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. 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: SBA 7A Banks in Portage, Michigan
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