First Bank Provides SBA Loan to Buy Sports Clips Franchise

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

Sports Clips franchise loans are available to New Albany, Ohio entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, First Bank, based in Creve Coeur, Missouri, issued an SBA franchise loan for a Sports Clips franchise in 2007. We've got all the details on this Ohio small business loan.

SBA Loan Borrower

SPORTS CLIPS
NEW ALBANY, OH 43054

SBA Loan Lender

FIRST BANK
11901 OLIVE BLVD
CREVE COEUR, MO 63141

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

10/19/2007

Loan Approval Gross Amount

$162,500

Loan Approval from the SBA

Of the total $162,500 loan amount, the SBA guaranteed $81,250.

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 only one employee. The SBA loan application for the borrower indicated that the loan would help create 14 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

We can help you find the best banks for small businesses in New Albany or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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

Obtaining Funding - How to Borrow Money

Where to Get an SBA Loan in Creve Coeur, Missouri

Find an SBA Lender in Missouri