Illinois Entrepreneur Secures Financing to Buy Anytime Fitness Franchise

Borrowing money to buy an Anytime Fitness franchise? Belvidere National Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

If you live near Belvidere, Illinois and are interested in buying an Anytime Fitness franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2005 by Belvidere National Bank & Trust. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

JOHN GALT COMPANY
BELVIDERE, IL 61104

SBA Loan Lender

BELVIDERE NATIONAL BANK & TRUST
600 S STATE ST
BELVIDERE, IL 61008

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

6/2/2005

Loan Approval Gross Amount

$139,000

Loan Approval from the SBA

Of the total $139,000 loan amount, the SBA guaranteed $118,150.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Anytime Fitness franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

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 Belvidere National Bank & Trust 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:

Anytime Fitness

Determining Proper Capital Structure for a Business

SBA Approved Banks in Belvidere, Illinois

Illinois SBA 7A Lenders