Florida Entrepreneur Secures Financing to Buy Great Clips Franchise

Borrowing money to invest in a Great Clips franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Great Clips franchise? If so, here's a 2004 SBA franchise loan that you should know about. Stearns Bank was the lender and the entrepreneur was based in Saint Petersburg, Florida.

SBA Loan Borrower

SAGO MANAGEMENT GROUP, INC.
SAINT PETERSBURG, FL 33701

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

5/7/2004

Loan Approval Gross Amount

$134,100

Loan Approval from the SBA

Of the total $134,100 loan amount, the SBA guaranteed $113,985.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Great Clips franchise. At the time of the loan, the company had 12 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

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

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Stearns 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.

Related Links:

Great Clips, Inc.

Role of Business Plan When Raising Money

Find an SBA Lender in Saint Cloud, Minnesota

Getting an SBA Loan in Minnesota