Glen Rose, TX Entrepreneur Gets SBA Loan to Buy Armstrong Mccall Franchise

Borrowing money to buy an Armstrong Mccall franchise? Compass Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Glen Rose, Texas and are interested in buying an Armstrong Mccall franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2001 by Compass Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

ARMSTRONG MCCALL BEAUTY SUPPLY
GLEN ROSE, TX 76043

SBA Loan Lender

COMPASS BANK
8875 HWY 80 WEST
FORT WORTH, TX 76116

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

446120 - Cosmetics, Beauty Supplies, and Perfume Stores

Loan Approval Date

1/11/2001

Loan Approval Gross Amount

$124,000

Loan Approval from the SBA

Of the total $124,000 loan amount, the SBA guaranteed $105,400.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Armstrong Mccall franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you need money to start a small business or already have a business and need money to expand, an SBA loan can be a great way to raise money

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.

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