Loan to Buy Powerhouse Gyms Franchise Issued By Macatawa Bank

Borrowing money to buy a Powerhouse Gyms franchise? Macatawa Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Powerhouse Gyms franchise may simply require a phone call to a local SBA banker. In 2005, Macatawa Bank issued an SBA franchise loan to an entrepreneur in Grand Haven, Michigan. Because Powerhouse Gyms was registered with the SBA's registry of franchises, this Michigan small business loan was issued on an expedited basis.

SBA Loan Borrower

M&J TOURCOTTE ENTERPRISES, LLC
GRAND HAVEN, MI 49417

SBA Loan Lender

MACATAWA BANK
124 E 8TH ST
HOLLAND, MI 49423

This business 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.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

10/28/2005

Loan Approval Gross Amount

$290,100

Loan Approval from the SBA

Of the total $290,100 loan amount, the SBA guaranteed $217,575.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Powerhouse Gyms franchise. At the time of the loan, the company had 7 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

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

This SBA loan was for $290,100. How would you spend $290,100 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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