1st National Bank - Ipswich Provides SBA Loan to Buy Elizabeth Grady Beauty Salons Franchise

Borrowing money to purchase an Elizabeth Grady Beauty Salons franchise? 1st National Bank - Ipswich has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Portsmouth, New Hampshire needed money to invest in an Elizabeth Grady Beauty Salons franchise back in 2007. 1st National Bank - Ipswich issued an SBA franchise loan. Here are the details on this New Hampshire small business loan.

SBA Loan Borrower

ELIZABETH GRADY BEAUTY SALON
PORTSMOUTH, NH 03801

SBA Loan Lender

1ST NATIONAL BANK - IPSWICH
77 HANOVER ST
PORTSMOUTH, NH 03801

This debt financing was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

12/21/2007

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Elizabeth Grady Beauty Salons franchise. At the time of the loan, the company had 17 employees. The loan application indicated that the loan would help generate 5 new jobs and retain 12 existing jobs.

Getting an SBA Loan For Your Business

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.

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 1st National Bank - Ipswich 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.

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