Fairfield, CT Entrepreneur Gets SBA Loan to Buy Snip-Its Franchise

Borrowing money to invest in a Snip-Its franchise? Bank - Southern Connecticut has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Snip-Its franchise? If so, here's a 2006 SBA franchise loan that you should know about. Bank - Southern Connecticut was the lender and the entrepreneur was based in Fairfield, Connecticut.

SBA Loan Borrower

SNIP-IT'S OF FAIRFIELD
FAIRFIELD, CT 06824

SBA Loan Lender

BANK - SOUTHERN CONNECTICUT
215 CHURCH ST
NEW HAVEN, CT 06510

This lender issued this loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

10/18/2006

Loan Approval Gross Amount

$190,000

Loan Approval from the SBA

Of the total $190,000 loan amount, the SBA guaranteed $142,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Snip-Its franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Snip-Its

Advice on Getting a Small Business Loan

SBA 7A Banks for New Haven, Connecticut Loans

Connecticut SBA 7A Lenders