First Community Bank Provides SBA Loan to Buy Sports Clips Franchise
Need a loan to buy 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 may simply require a phone call to a local SBA banker. In 2007, First Community Bank issued an SBA franchise loan to an entrepreneur in Albuquerque, New Mexico. Because Sports Clips was registered with the SBA's registry of franchises, this New Mexico small business loan was issued on an expedited basis.
SBA Loan Borrower
SPORT CLIPS
ALBUQUERQUE, NM 50589
SBA Loan Lender
FIRST COMMUNITY BANK
120 W PLAZA
TAOS, NM 87571
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
812111 - Barber Shops
Loan Approval Date
4/4/2007
Loan Approval Gross Amount
$146,000
Loan Approval from the SBA
Of the total $146,000 loan amount, the SBA guaranteed $124,100.
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 loan application indicated that the loan would help generate 5 new jobs and retain 5 existing jobs.
Next Steps for Getting an SBA Loan
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.
Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like First Community Bank and they will explain how you can get an SBA loan for your company.
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:
Sport Clips
Borrowing Money from Friends and Family
SBA 7A Banks in Taos, New Mexico
SBA Participating Banks in New Mexico