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November 15, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Wyomissing, Business Loans > Sovereign Bank Wyomissing Business Loans > Nbr Fitness LLC Loan | ||||
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Business Loans for Cambridge Small Businesses
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Cambridge, MA Entrepreneur Gets SBA Loan to Buy Fitness Together FranchiseNeed a loan to invest in a Fitness Together franchise? Sovereign Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Fitness Together franchise requires some effort but others before you have been successful. In 2004, Sovereign Bank issued an SBA franchise loan to an entrepreneur in Cambridge, Massachusetts. Because Fitness Together was registered with the SBA's registry of franchises, this Massachusetts small business loan was issued on an expedited basis. SBA Loan Borrower NBR FITNESS LLC SBA Loan Lender SOVEREIGN BANK This lender processed this bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 713940 - Fitness and Recreational Sports Centers Loan Approval Date 11/18/2004 Loan Approval Gross Amount $30,000 Loan Approval from the SBA Of the total $30,000 loan amount, the SBA guaranteed $15,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Fitness Together franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 2 existing jobs. Start the Process for Getting an SBA Loan Today! If you are wondering how to raise money for a company in Cambridge MA, you ought to talk with a local Cambridge SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Cambridge businesses. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Banking Deregulation's Effects on Entrepreneurship SBA Participating Banks in Wyomissing, Pennsylvania
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