Borrow Money to Buy a Snap Fitness Franchise

Borrowing money to purchase a Snap Fitness franchise? 1st National Bank - Le Center has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Snap Fitness franchise? If so, here's a 2007 SBA franchise loan that you should know about. 1st National Bank - Le Center was the lender and the entrepreneur was based in Le Center, Minnesota.

SBA Loan Borrower

ANGELL FITNESS INC
LE CENTER, MN 56057

SBA Loan Lender

1ST NATIONAL BANK - LE CENTER
10 W MINNESOTA ST
LE CENTER, MN 56057

The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

4/5/2007

Loan Approval Gross Amount

$130,000

Loan Approval from the SBA

Of the total $130,000 loan amount, the SBA guaranteed $65,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Snap Fitness franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the borrowed money would help generate 2 new jobs.

Next Steps for Getting an SBA Loan

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.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from 1st National Bank - Le Center so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Snap Fitness

Determining Proper Capital Structure for a Business

Who Lends Money to Small Businesses in Le Center, Minnesota

Minnesota SBA 7A Lenders