Louisville, KY Entrepreneur Gets SBA Loan to Buy Gold's Gym Franchise

Need money to invest in a Gold's Gym franchise? Stock Yards Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

Gold's Gym franchise loans are available to Louisville, Kentucky entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Stock Yards Bank & Trust, based in Louisville, Kentucky, issued an SBA franchise loan for a Gold's Gym franchise in 2003. We've got all the details on this Kentucky small business loan.

SBA Loan Borrower

GOLD'S GYM
LOUISVILLE, KY 40258

SBA Loan Lender

STOCK YARDS BANK & TRUST
1040 E MAIN ST
LOUISVILLE, KY 40202

This lender issued this commercial loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

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

9/19/2003

Loan Approval Gross Amount

$160,000

Loan Approval from the SBA

Of the total $160,000 loan amount, the SBA guaranteed $100,000.

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 47 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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.

Related Links:

Gold's Gym Franchising

Business Line of Credit

Banks in Louisville, Kentucky

SBA Lenders in Kentucky