Collierville, TN Entrepreneur Gets SBA Loan to Buy Sports Clips Franchise

Need a loan to purchase a Sports Clips franchise? Trustmark National Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Collierville, Tennessee and are interested in buying a Sports Clips franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2004 by Trustmark National Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

SPORT CLIPS
COLLIERVILLE, TN 38017

SBA Loan Lender

TRUSTMARK NATIONAL BANK
106 GOVERNMENT ST
BRANDON, MS 39042

This lender issued this particular small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812111 - Barber Shops

Loan Approval Date

6/2/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Sports Clips franchise. At the time of the loan, the company had 10 employees. The loan application did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

We can help you find the best banks for small businesses in Collierville or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Sport Clips

Getting a Small Business Loan

SBA 7A Lenders in Brandon, Mississippi

SBA Mississippi Banks