Loan to Buy Gold's Gym Franchise Issued By Millennium Bank

Borrowing money to buy a Gold's Gym franchise? Millennium Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Frederick, Maryland needed money to invest in a Gold's Gym franchise back in 2005. Millennium Bank issued an SBA franchise loan. Here are the details on this Maryland small business loan.

SBA Loan Borrower

GOLD'S GYM OF FREDERICK
FREDERICK, MD 21701

SBA Loan Lender

MILLENNIUM BANK
1601 WASHINGTON PLZ
RESTON, VA 20190

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

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

1/7/2005

Loan Approval Gross Amount

$450,000

Loan Approval from the SBA

Of the total $450,000 loan amount, the SBA guaranteed $337,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Gold's Gym franchise. At the time of the loan, the company had 22 employees. This SBA loan request did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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