Chicago, IL Entrepreneur Gets SBA Loan to Buy My Gym Franchise
Borrowing money to buy a My Gym franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.
My Gym franchise loans are available to Chicago, Illinois entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Wells Fargo Bank, based in San Jose, California, issued an SBA franchise loan for a My Gym franchise in 2001. We've got all the details on this Illinois small business loan.
SBA Loan Borrower
MY GYM CHILDREN'S FITNESS CENT
CHICAGO, IL 60625
SBA Loan Lender
WELLS FARGO BANK
121 PARK CENTER PLZ
SAN JOSE, CA 95113
This bank loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.
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
8/1/2001
Loan Approval Gross Amount
$25,000
Loan Approval from the SBA
Of the total $25,000 loan amount, the SBA guaranteed $12,500.
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 6 employees. The loan application indicated that the loan would help retain 6 existing jobs.
Getting an SBA Loan For Your Business
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.
Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Wells Fargo Bank and they will explain how you can get an SBA loan for your company.
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
How to Raise Money
SBA Participating Banks in San Jose, California
SBA California Banks