Firstmerit Bank SBA Loan to Fitness And Recreational Sports Centers Company

Firstmerit Bank has a track record as a leading provider of SBA loans. Find out how this Ohio entrepreneur received an SBA loan from them.

This small firm received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Firstmerit Bank, out of Akron, Ohio. The loan was granted and they received $256,200 to help grow their Cleveland, Ohio business.

SBA Loan Borrower

COMPANY TYPE: FITNESS AND RECREATIONAL SPORTS CENTERS
CLEVELAND, OH 44143

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

1/10/2005

Loan Approval Gross Amount

$256,200

Loan Approval from the SBA

Of the total $256,200 loan amount, the SBA guaranteed $192,150.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help generate 17 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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.

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