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November 14, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Grand Rapids, Business Loans > Fifth Third Bank Grand Rapids Business Loans > My Gym Loan | ||||
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Illinois Small Business Funding for Franchises
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Illinois Entrepreneur Secures Financing to Buy My Gym FranchiseBorrowing money to invest in a My Gym franchise? Fifth Third Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Arlington Heights, Illinois needed money to invest in a My Gym franchise back in 2004. Fifth Third Bank issued an SBA franchise loan. Here are the details on this Illinois small business loan. SBA Loan Borrower MY GYM SBA Loan Lender FIFTH THIRD BANK This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 713940 - Fitness and Recreational Sports Centers Loan Approval Date 9/17/2004 Loan Approval Gross Amount $144,000 Loan Approval from the SBA Of the total $144,000 loan amount, the SBA guaranteed $108,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a My Gym franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 7 new jobs and retain 1 existing job. Getting an SBA Loan For Your Business SBA loans provide money to small business owners for working capital for other expenses. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $144,000 loan. Remember, anyone can do it... so why not you? 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: My Gym Children's Fitness Centers Small Bank Loans in Grand Rapids, Michigan SBA Participating Banks in Michigan
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