Bank Midwest Provides SBA Loan to Buy Sports Clips Franchise

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

Getting money to buy a Sports Clips franchise requires some effort but others before you have been successful. In 2005, Bank Midwest issued an SBA franchise loan to an entrepreneur in Topeka, Kansas. Because Sports Clips was registered with the SBA's registry of franchises, this Kansas small business loan was issued on an expedited basis.

SBA Loan Borrower

SPORT CLIPS
TOPEKA, KS 66604

SBA Loan Lender

BANK MIDWEST
1111 MAIN ST
KANSAS CITY, MO 64105

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812111 - Barber Shops

Loan Approval Date

5/27/2005

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $93,500.

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 24 employees. This SBA loan request did not indicate that the company planned to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Bank Midwest and they will explain how you can get an SBA loan for your company.

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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