Loan to Buy Gold's Gym Franchise Issued By Lehman Brothers Bank, Fsb

Borrowing money to invest in a Gold's Gym franchise? Lehman Brothers Bank, Fsb has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Gold's Gym franchise shouldn't be overly burdensome. In 2000, Lehman Brothers Bank, Fsb issued an SBA franchise loan to an entrepreneur in Lubbock, Texas. Because Gold's Gym was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis.

SBA Loan Borrower

GOLD'S GYM
LUBBOCK, TX 79414

SBA Loan Lender

LEHMAN BROTHERS BANK, FSB
101 SUMMER ST
BOSTON, MA 02110

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

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

4/6/2000

Loan Approval Gross Amount

$461,000

Loan Approval from the SBA

Of the total $461,000 loan amount, the SBA guaranteed $345,750.

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 6 employees. The SBA loan application for the borrower indicated that the loan would help generate 41 new jobs and retain 6 existing jobs.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

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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