Connecticut Entrepreneur Secures Financing to Buy My Gym Franchise

Need a loan to buy a My Gym franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

If you live near Fairfield, Connecticut and are interested in buying a My Gym franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2005 by Cit Small Business Lending Corp. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

MY GYM FITNESS CENTERS
FAIRFIELD, CT 06430

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

When it made this small business loan, this lending institution participated in the SBA's Certified Lenders Program (CLP). This program aims to give expeditious service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

3/4/2005

Loan Approval Gross Amount

$1,225,000

Loan Approval from the SBA

Of the total $1,225,000 loan amount, the SBA guaranteed $918,750.

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 21 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Cit Small Business Lending Corp are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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