Washington Mutual Bank Provides SBA Loan to Buy Great Clips Franchise

Need a loan to invest in a Great Clips franchise? Washington Mutual Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Great Clips franchise is doable. In 2002, Washington Mutual Bank issued an SBA franchise loan to an entrepreneur in Draper, Utah. Because Great Clips was registered with the SBA's registry of franchises, this Utah small business loan was issued on an expedited basis.

SBA Loan Borrower

THAT'S OUR STYLE L L C
DRAPER, UT 84020

SBA Loan Lender

WASHINGTON MUTUAL BANK
601 CRATER LAKE AVE
MEDFORD, OR 97504

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

812112 - Beauty Salons

Loan Approval Date

7/31/2002

Loan Approval Gross Amount

$109,500

Loan Approval from the SBA

Of the total $109,500 loan amount, the SBA guaranteed $93,075.

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 9 employees. The SBA loan documents indicated that the loan would help generate 7 new jobs and retain 9 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.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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