Borrow Money to Buy a Velocity Sports Performance Franchise

Need a loan to invest in a Velocity Sports Performance franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Velocity Sports Performance franchise? If so, here's a 2004 SBA franchise loan that you should know about. Comerica Bank was the lender and the entrepreneur was based in Elmhurst, Illinois.

SBA Loan Borrower

VELOCITY SPORTS PERFORMANCE
ELMHURST, IL 60126

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

This lender issued this loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

4/23/2004

Loan Approval Gross Amount

$146,200

Loan Approval from the SBA

Of the total $146,200 loan amount, the SBA guaranteed $109,650.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Velocity Sports Performance franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the small business planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Comerica Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Comerica Bank 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.

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