Garland, TX Entrepreneur Gets SBA Loan to Buy Sports Clips Franchise

Borrowing money to purchase a Sports Clips franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

If you live near Garland, Texas and are interested in buying a Sports Clips franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2004 by Cit Small Business Lending Corp. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

SPORTS CLIPS
GARLAND, TX 75042

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

5/7/2004

Loan Approval Gross Amount

$170,400

Loan Approval from the SBA

Of the total $170,400 loan amount, the SBA guaranteed $127,800.

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 6 employees. The SBA loan documents indicated that the borrowed money would help generate 6 new jobs.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a company in Garland TX, you ought to talk with a local Garland SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Garland businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Cit Small Business Lending Corp had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Cit Small Business Lending Corp made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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