Muncie, IN Entrepreneur Gets SBA Loan to Buy Sports Clips Franchise

Borrowing money to buy a Sports Clips franchise? Star Financial Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Sports Clips franchise? If so, here's a 2006 SBA franchise loan that you should know about. Star Financial Bank was the lender and the entrepreneur was based in Muncie, Indiana.

SBA Loan Borrower

BAKER BUSINESS GROUP INC
MUNCIE, IN 47304

SBA Loan Lender

STAR FINANCIAL BANK
127 W BERRY ST
FORT WAYNE, IN 46802

The lender provided this SBA loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

812111 - Barber Shops

Loan Approval Date

11/29/2006

Loan Approval Gross Amount

$76,000

Loan Approval from the SBA

Of the total $76,000 loan amount, the SBA guaranteed $38,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Sports Clips franchise. At the time of the loan, the company had 9 employees. The loan application indicated that the loan would help generate 1 new job and retain 9 existing jobs.

Next Steps for Getting an SBA Loan

If you need business start up money in Muncie IN, you ought to talk with a local Muncie SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Muncie businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Star Financial Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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