Hudson, OH Entrepreneur Gets SBA Loan to Buy Great Clips Franchise

Need money to buy a Great Clips franchise? Portage Community Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Hudson, Ohio and are interested in buying a Great Clips franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2005 by Portage Community Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

GREAT CLIPS
HUDSON, OH 44236

SBA Loan Lender

PORTAGE COMMUNITY BANK
1311 E MAIN ST
RAVENNA, OH 44266

This SBA 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

812112 - Beauty Salons

Loan Approval Date

8/22/2005

Loan Approval Gross Amount

$117,500

Loan Approval from the SBA

Of the total $117,500 loan amount, the SBA guaranteed $99,875.

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 15 employees. The loan application did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Portage Community Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Portage Community Bank 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.

Related Links:

Great Clips, Inc.

Small Business Loan

SBA Approved Banks in Ravenna, Ohio

Getting an SBA Loan in Ohio