Connecticut Entrepreneur Secures Financing to Buy My Gym Franchise

Borrowing money to invest in a My Gym franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

My Gym franchise loans are available to Fairfield, Connecticut entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Cit Small Business Lending Corp, based in Livingston, New Jersey, issued an SBA franchise loan for a My Gym franchise in 2000. We've got all the details on this Connecticut small business loan.

SBA Loan Borrower

MY GYM
FAIRFIELD, CT 06430

SBA Loan Lender

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

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7991 - Physical Fitness Facilities

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

9/14/2000

Loan Approval Gross Amount

$112,700

Loan Approval from the SBA

Of the total $112,700 loan amount, the SBA guaranteed $84,525.

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 3 employees. The SBA loan application for the borrower indicated that the borrowed money would help generate 3 new jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This company got an SBA loan. You can too! Maybe you want money for start up business? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer 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.

Related Links:

My Gym Children's Fitness Centers

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SBA New Jersey Lenders