Overland Park, KS Entrepreneur Gets SBA Loan to Buy Sports Clips Franchise

Borrowing money to purchase a Sports Clips franchise? First National Bank - Missouri has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Overland Park, Kansas needed money to invest in a Sports Clips franchise back in 2003. First National Bank - Missouri issued an SBA franchise loan. Here are the details on this Kansas small business loan.

SBA Loan Borrower

SPORT CLIPS
OVERLAND PARK, KS 66221

SBA Loan Lender

FIRST NATIONAL BANK - MISSOURI
909 S 7 HWY
BLUE SPRINGS, MO 64014

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812111 - Barber Shops

Loan Approval Date

1/9/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 9 employees. The SBA loan documents did not indicate that the company planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

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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