Ups Cap. Business Cr. - New Jersey Provides SBA Loan to Buy Powerhouse Gyms Franchise

Need a loan to invest in a Powerhouse Gyms franchise? Ups Cap. Business Cr. - New Jersey has a history of making these loans and they are guaranteed by the SBA.

Powerhouse Gyms franchise loans are available to Jackson, New Jersey entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Ups Cap. Business Cr. - New Jersey, based in Edison, New Jersey, issued an SBA franchise loan for a Powerhouse Gyms franchise in 2007. We've got all the details on this New Jersey small business loan.

SBA Loan Borrower

I.M. SCOTT LLC
JACKSON, NJ 08527

SBA Loan Lender

UPS CAP. BUSINESS CR. - NEW JERSEY
2025 LINCOLN HIGHWAY, SUITE 1
EDISON, NJ 08817

This lender provides SBA bank loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

11/30/2007

Loan Approval Gross Amount

$780,000

Loan Approval from the SBA

Of the total $780,000 loan amount, the SBA guaranteed $585,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Powerhouse Gyms franchise. At the time of the loan, the company had 15 employees. This SBA loan request indicated that the loan would help retain 15 existing jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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New Jersey SBA Bank Lenders