Wells Fargo Bank Provides SBA Loan to Buy Sports Clips Franchise

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

Sports Clips franchise loans are available to Tucson, Arizona entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Wells Fargo Bank, based in Phoenix, Arizona, issued an SBA franchise loan for a Sports Clips franchise in 2002. We've got all the details on this Arizona small business loan.

SBA Loan Borrower

SPORT CLIPS
TUCSON, AZ 85711

SBA Loan Lender

WELLS FARGO BANK
100 W WASHINGTON ST
PHOENIX, AZ 85003

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

7/2/2002

Loan Approval Gross Amount

$128,500

Loan Approval from the SBA

Of the total $128,500 loan amount, the SBA guaranteed $109,225.

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 2 employees. The loan application indicated that the loan would help generate 6 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Wells Fargo Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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

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Where to Get an SBA Loan in Phoenix, Arizona

Arizona SBA Banks