Hilliard, OH Entrepreneur Gets SBA Loan to Buy Sports Clips Franchise

Borrowing money to purchase a Sports Clips franchise? Jpmorgan Chase Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Hilliard, Ohio needed money to invest in a Sports Clips franchise back in 2005. Jpmorgan Chase Bank issued an SBA franchise loan. Here are the details on this Ohio small business loan.

SBA Loan Borrower

FIVE HEADS, LLC
HILLIARD, OH 43026

SBA Loan Lender

JPMORGAN CHASE BANK
811 RUSK ST., 16TH FL
HOUSTON, TX 77002

This small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812111 - Barber Shops

Loan Approval Date

6/6/2005

Loan Approval Gross Amount

$77,000

Loan Approval from the SBA

Of the total $77,000 loan amount, the SBA guaranteed $65,450.

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 10 employees. The loan application indicated that the loan would help retain 10 existing jobs.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

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.

Related Links:

Sport Clips

Accountant's Role in Securing Financing

SBA Approved Banks in Houston, Texas

SBA Participating Banks in Texas