Canton, MA Entrepreneur Gets SBA Loan to Buy General Nutrition Center Franchise

Borrowing money to buy a General Nutrition Center franchise? Coastway Cu has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a General Nutrition Center franchise? If so, here's a 2003 SBA franchise loan that you should know about. Coastway Cu was the lender and the entrepreneur was based in Canton, Massachusetts.

SBA Loan Borrower

GENERAL NUTRITION CTR (GNC)
CANTON, MA 02021

SBA Loan Lender

COASTWAY CU
25 LOVELL AVE
CRANSTON, RI 02920

This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5499 - Food Stores

NAICS Code

446191 - Food Supplement Stores

Loan Approval Date

4/4/2003

Loan Approval Gross Amount

$132,000

Loan Approval from the SBA

Of the total $132,000 loan amount, the SBA guaranteed $112,200.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a General Nutrition Center franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Coastway Cu had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Coastway Cu made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

General Nutrition Centers / GNC Live Well

Determining Proper Capital Structure for a Business

SBA 7A Banks in Cranston, Rhode Island

Rhode Island SBA 7A Lenders