Texas Entrepreneur Secures Financing to Buy Sports Clips Franchise

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

An entrepreneur in Abilene, Texas needed money to invest in a Sports Clips franchise back in 2004. First Finan Bank issued an SBA franchise loan. Here are the details on this Texas small business loan.

SBA Loan Borrower

SPORT CLIPS
ABILENE, TX 79606

SBA Loan Lender

FIRST FINAN BANK
400 PINE ST
ABILENE, TX 79601

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812111 - Barber Shops

Loan Approval Date

7/30/2004

Loan Approval Gross Amount

$145,600

Loan Approval from the SBA

Of the total $145,600 loan amount, the SBA guaranteed $123,760.

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 9 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.

Getting an SBA Loan For Your Business

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Finan Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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.

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