Miami, FL Entrepreneur Gets SBA Loan to Buy Little Gym Franchise

Need money to buy a Little Gym franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

If you live near Miami, Florida and are interested in buying a Little Gym franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2007 by Cit Small Business Lending Corp. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

THE LITTLE GYM
MIAMI, FL 33176

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

3/28/2007

Loan Approval Gross Amount

$235,500

Loan Approval from the SBA

Of the total $235,500 loan amount, the SBA guaranteed $176,625.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Little Gym franchise. At the time of the loan, the company had 4 employees. The loan application indicated that the loan would help generate 3 new jobs and retain 1 existing job.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

The Friends and Family Network

SBA 7A Banks for Livingston, New Jersey Loans

New Jersey SBA 7A Lenders