New Jersey Entrepreneur Secures Financing to Buy My Gym Franchise

Need a loan to invest in a My Gym franchise? Commerce Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Belmar, New Jersey needed money to invest in a My Gym franchise back in 2005. Commerce Bank issued an SBA franchise loan. Here are the details on this New Jersey small business loan.

SBA Loan Borrower

MY GYM
BELMAR, NJ 07719

SBA Loan Lender

COMMERCE BANK
2005 MARKET ST
PHILADELPHIA, PA 19103

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

6/16/2005

Loan Approval Gross Amount

$288,000

Loan Approval from the SBA

Of the total $288,000 loan amount, the SBA guaranteed $216,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a My Gym franchise. At the time of the loan, the company had 9 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 11 existing jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

This company got an SBA loan. You can too! Maybe you need seed money for business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer for 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

Business Incubators

SBA 7A Banks in Philadelphia, Pennsylvania

Pennsylvania SBA Banks