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May 9, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Benton Harbor, Business Loans > Chemical Bank Benton Harbor Business Loans > Beauty Shops Loan | ||||
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SBA Lenders in Michigan
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Raising Money for Cosmetology and Barber SchoolsLooking for bank loans for cosmetology and barber schools? The SBA may be the answer. This $140,134 cosmetology and barber schools loan was issued by a Michigan bank. This small firm knew how to go about getting a business bank loan. Based in Stevensville, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Chemical Bank, based in Benton Harbor, Michigan. SBA Loan Borrower COMPANY TYPE: BEAUTY SHOPS SBA Loan Lender CHEMICAL BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7231 - Beauty Shops NAICS Code 611511 - Cosmetology and Barber Schools Loan Approval Date 7/18/2002 Loan Approval Gross Amount $140,134 Loan Approval from the SBA Of the total $140,134 loan amount, the SBA guaranteed $119,113. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 16 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees. 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. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Chemical Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Chemical Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Realistic Debt Financing Options Find an SBA Lender in Benton Harbor, Michigan
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