Milwaukee, WI Entrepreneur Gets SBA Loan to Buy Snap Fitness Franchise

Borrowing money to invest in a Snap Fitness franchise? Cornerstone Community Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Milwaukee, Wisconsin needed money to invest in a Snap Fitness franchise back in 2007. Cornerstone Community Bank issued an SBA franchise loan. Here are the details on this Wisconsin small business loan.

SBA Loan Borrower

B&G ENTERPRISES, OF MILWAUKEE, LLC
MILWAUKEE, WI 53202

SBA Loan Lender

CORNERSTONE COMMUNITY BANK
2090 WISCONSIN AVE
GRAFTON, WI 53024

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

10/8/2007

Loan Approval Gross Amount

$190,000

Loan Approval from the SBA

Of the total $190,000 loan amount, the SBA guaranteed $142,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Snap Fitness franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower indicated that the loan would help create 6 new jobs.

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

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.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Cornerstone Community Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

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