Borrow Money to Buy a Snip-Its Franchise
Need a loan to invest in a Snip-Its franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.
Want to borrow money to buy a Snip-Its franchise? If so, here's a 2005 SBA franchise loan that you should know about. Wells Fargo Bank was the lender and the entrepreneur was based in Mcallen, Texas.
SBA Loan Borrower
SNIP ITS
MCALLEN, TX 78504
SBA Loan Lender
WELLS FARGO BANK
121 PARK CENTER PLZ
SAN JOSE, CA 95113
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
812112 - Beauty Salons
Loan Approval Date
8/16/2005
Loan Approval Gross Amount
$144,500
Loan Approval from the SBA
Of the total $144,500 loan amount, the SBA guaranteed $122,825.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy a Snip-Its franchise. At the time of the loan, the company
had 6 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
If you are raising money in Mcallen TX, you ought to talk with a local Mcallen SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mcallen businesses.
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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