Banco Popular North America Provides SBA Loan to Buy Great Clips Franchise

Need money to purchase a Great Clips franchise? Banco Popular North America has a history of making these loans and they are guaranteed by the SBA.

Great Clips franchise loans are available to West Chicago, Illinois entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Banco Popular North America, based in Chicago, Illinois, issued an SBA franchise loan for a Great Clips franchise in 2003. We've got all the details on this Illinois small business loan.

SBA Loan Borrower

GREAT CLIPS
WEST CHICAGO, IL 60185

SBA Loan Lender

BANCO POPULAR NORTH AMERICA
4000 W NORTH AVE
CHICAGO, IL 60639

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7231 - Beauty Shops

NAICS Code

812112 - Beauty Salons

Loan Approval Date

6/17/2003

Loan Approval Gross Amount

$105,000

Loan Approval from the SBA

Of the total $105,000 loan amount, the SBA guaranteed $89,250.

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 7 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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

Financing Your Business

Small Business Banks in Chicago, Illinois

Illinois SBA 7A Lenders