Bank Loans for Nail Salons

With these bank loans for nail salons, the SBA guarantees the lender that the loan will be repaid. This nail salons loan for $9,000 was given to an Oklahoma entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Tulsa, Oklahoma was able to borrow $9,000 from Bancfirst. The SBA made the loan possible by guaranteeing $7,650 of this Oklahoma small business loan.

SBA Loan Borrower

NAILS BY KELLIE, INC.
10032 S. SHIELDS
TULSA, OK 74133

SBA Loan Lender

BANCFIRST
101 N BROADWAY, STE 1050
OKLAHOMA CITY, OK 73102

This commercial loan was issued by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a complete analysis of the loan application and, in return, SBA delivers a rapid loan approval or denial response.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812113 - Nail Salons

Loan Approval Date

12/23/2003

Loan Approval Gross Amount

$9,000

Loan Approval from the SBA

Of the total $9,000 loan amount, the SBA guaranteed $7,650.

More Information on This SBA Loan

The borrower, Nails By Kellie, Inc., borrowed this money for a new business. The SBA's record indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 12 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees. This loan was paid in full, and was closed out on 3/30/2007.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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 SBA loan database.

Related Links:

Attracting Investors

SBA Approved Banks in Oklahoma City, Oklahoma

Oklahoma SBA Banks

If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.