Garland, TX Entrepreneur Gets SBA Loan to Buy Gold's Gym Franchise

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

Want to borrow money to buy a Gold's Gym franchise? If so, here's a 2000 SBA franchise loan that you should know about. Compass Bank was the lender and the entrepreneur was based in Garland, Texas.

SBA Loan Borrower

GOLD'S GYM GARLAND
GARLAND, TX 75040

SBA Loan Lender

COMPASS BANK
17218 PRESTON RD, 2ND FL
DALLAS, TX 75252

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

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

5/19/2000

Loan Approval Gross Amount

$1,085,500

Loan Approval from the SBA

Of the total $1,085,500 loan amount, the SBA guaranteed $814,125.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Gold's Gym franchise. At the time of the loan, the company had 40 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great funding source

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 Compass Bank 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.

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