Citizens Bank & Trust Provides SBA Loan to Buy Great Clips Franchise

Need a loan to purchase a Great Clips franchise? Citizens Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Great Clips franchise shouldn't be too tough. In 2008, Citizens Bank & Trust issued an SBA franchise loan to an entrepreneur in Hutchinson, Minnesota. Because Great Clips was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

GREAT CLIPS FOR HAIR
HUTCHINSON, MN 55350

SBA Loan Lender

CITIZENS BANK & TRUST
102 MAIN ST SOUTH
HUTCHINSON, MN 55350

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

812111 - Barber Shops

Loan Approval Date

1/15/2008

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $15,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Great Clips franchise. At the time of the loan, the company had 12 employees. The SBA loan documents indicated that the loan would help retain 12 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Citizens Bank & Trust that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Great Clips, Inc.

Microlending as a Small Business Funding Source

SBA Participating Banks in Hutchinson, Minnesota

SBA Minnesota Lenders