Illinois Entrepreneur Secures Financing to Buy Sports Clips Franchise

Need money to invest in a Sports Clips franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Sports Clips franchise shouldn't be too tough. In 2003, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Orland Park, Illinois. Because Sports Clips was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

SPORT CLIPS
ORLAND PARK, IL 60467

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812111 - Barber Shops

Loan Approval Date

7/22/2003

Loan Approval Gross Amount

$122,000

Loan Approval from the SBA

Of the total $122,000 loan amount, the SBA guaranteed $103,700.

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 4 employees. The loan application indicated that the loan would help generate 4 new jobs.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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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