Loan to Buy Little Gym Franchise Issued By People's United Bank

Need money to invest in a Little Gym franchise? People's United Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Milford, Connecticut needed money to invest in a Little Gym franchise back in 2003. People's United Bank issued an SBA franchise loan. Here are the details on this Connecticut small business loan.

SBA Loan Borrower

LITTLE GYM OF MILFORD
MILFORD, CT 06460

SBA Loan Lender

PEOPLE'S UNITED BANK
850 MAIN ST
BRIDGEPORT, CT 06604

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

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

4/2/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to raise money for a business in Milford CT, you ought to talk with a local Milford SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Milford businesses.

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:

Equity Financing

Small Bank Loans in Bridgeport, Connecticut

Connecticut SBA 7A Lenders