North Carolina Entrepreneur Secures Financing to Buy Great Clips Franchise

Need money to buy a Great Clips franchise? Self-Help Cu has a history of making these loans and they are guaranteed by the SBA.

Great Clips franchise loans are available to Indian Trail, North Carolina entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Self-Help Cu, based in Durham, North Carolina, issued an SBA franchise loan for a Great Clips franchise in 2005. We've got all the details on this North Carolina small business loan.

SBA Loan Borrower

GREAT CLIPS
INDIAN TRAIL, NC 28079

SBA Loan Lender

SELF-HELP CU
301 W MAIN ST
DURHAM, NC 27701

This lender issued this particular 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

812112 - Beauty Salons

Loan Approval Date

7/12/2005

Loan Approval Gross Amount

$90,000

Loan Approval from the SBA

Of the total $90,000 loan amount, the SBA guaranteed $76,500.

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 19 employees. The loan application did not indicate that the business promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Self-Help Cu had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Self-Help Cu made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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.

Advice on Getting a Small Business Loan

Banks in Durham, North Carolina

Where to Get an SBA Loan North Carolina