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April 28, 2024 |
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| Home > Small Business Lenders by State > Missouri Business Loan Sources > Overland Park, Business Loans > First Community Bank Overland Park Business Loans > Kc Sports Clips, Inc. Loan | ||||
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Where Can I Find Franchise Loans in Kansas City, Missouri?
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Missouri Entrepreneur Secures Financing to Buy Sports Clips FranchiseBorrowing money to invest in a Sports Clips franchise? First Community Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Sports Clips franchise shouldn't be overly burdensome. In 2006, First Community Bank issued an SBA franchise loan to an entrepreneur in Kansas City, Missouri. Because Sports Clips was registered with the SBA's registry of franchises, this Missouri small business loan was issued on an expedited basis. SBA Loan Borrower KC SPORTS CLIPS, INC. SBA Loan Lender FIRST COMMUNITY BANK The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide commercial loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7241 - Barber Shops NAICS Code 812111 - Barber Shops Loan Approval Date 6/6/2006 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 8 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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. Related Links: Where to Get an SBA Loan in Overland Park, Kansas
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