Borrow Money to Buy a Sports Clips Franchise
Need a loan to buy a Sports Clips franchise? First Bank has a history of making these loans and they are guaranteed by the SBA.
An entrepreneur in Grand Prairie, Texas needed money to invest in a Sports Clips franchise back in 2007. First Bank issued an SBA franchise loan. Here are the details on this Texas small business loan.
SBA Loan Borrower
GRAND PRAIRIE, TX 75050
SBA Loan Lender
11901 OLIVE BLVD
CREVE COEUR, MO 63141
As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.
SBA Loan Program Type
This loan was issued as a general business loan.
812111 - Barber Shops
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $175,000 loan amount, the SBA guaranteed $131,250.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy a Sports Clips franchise. At the time of the loan, the company
had 16 employees. The SBA loan application for the borrower indicated that the borrowed money would help generate 8 new jobs.
Next Steps for Getting an SBA Loan
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new 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.
Getting a Small Business Loan
SBA 7A Banks in Creve Coeur, Missouri
Find an SBA Lender in Missouri