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April 28, 2024 |
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| Home > Small Business Lenders by State > Arizona Business Loan Sources > Creve Coeur, Business Loans > First Bank Creve Coeur Business Loans > Sport Clips Loan | ||||
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Where to Get a Small Business Loan to Purchase a Franchise
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First Bank Provides SBA Loan to Buy Sports Clips FranchiseBorrowing money to buy a Sports Clips franchise? First Bank has a history of making these loans and they are guaranteed by the SBA. Sports Clips franchise loans are available to Phoenix, Arizona entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, First Bank, based in Creve Coeur, Missouri, issued an SBA franchise loan for a Sports Clips franchise in 2007. We've got all the details on this Arizona small business loan. SBA Loan Borrower SPORT CLIPS SBA Loan Lender FIRST BANK 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 10/2/2007 Loan Approval Gross Amount $152,200 Loan Approval from the SBA Of the total $152,200 loan amount, the SBA guaranteed $76,100. 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 only one employee. The SBA loan documents indicated that the loan would help generate 8 new jobs and retain 1 existing job. Getting an SBA Loan For Your Business The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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 Creve Coeur, Missouri Find an SBA Lender in Missouri
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