Pennsylvania Entrepreneur Secures Financing to Buy My Gym Franchise

Borrowing money to buy a My Gym franchise? Pnc Bank, National Association has a history of making these loans and they are guaranteed by the SBA.

My Gym franchise loans are available to Doylestown, Pennsylvania entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Pnc Bank, National Association, based in Philadelphia, Pennsylvania, issued an SBA franchise loan for a My Gym franchise in 2003. We've got all the details on this Pennsylvania small business loan.

SBA Loan Borrower

MY GYM CHILDREN'S FITNESS CENT
DOYLESTOWN, PA 18901

SBA Loan Lender

PNC BANK, NATIONAL ASSOCIATION
8800 TINICUM BLVD, 1ST FL, MA
PHILADELPHIA, PA 19153

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7999 - Amusement and Recreation Services

NAICS Code

611620 - Sports and Recreation Instruction

Loan Approval Date

8/27/2003

Loan Approval Gross Amount

$128,000

Loan Approval from the SBA

Of the total $128,000 loan amount, the SBA guaranteed $108,800.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a My Gym franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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.

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 Pnc Bank, National Association 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:

My Gym Children's Fitness Centers

Family and Friend Investors - Your First Financiers

SBA Participating Banks in Philadelphia, Pennsylvania

Getting a Business Loan in Pennsylvania