Massachusetts Entrepreneur Secures Financing to Buy World Gym & Fitness Center Franchise

Need a loan to invest in a World Gym & Fitness Center franchise? Bank Of America has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a World Gym & Fitness Center franchise shouldn't be too tough. In 2001, Bank Of America issued an SBA franchise loan to an entrepreneur in Mashpee (mashpee Center), Massachusetts. Because World Gym & Fitness Center was registered with the SBA's registry of franchises, this Massachusetts small business loan was issued on an expedited basis.

SBA Loan Borrower

WORLD GYM OF CAPE COD
MASHPEE (MASHPEE CENTER), MA 02649

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

This lender processed this business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

7/16/2001

Loan Approval Gross Amount

$81,000

Loan Approval from the SBA

Of the total $81,000 loan amount, the SBA guaranteed $40,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a World Gym & Fitness Center franchise. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of America that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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