Portsmouth, NH Entrepreneur Gets SBA Loan to Buy Planet Fitness Franchise

Borrowing money to buy a Planet Fitness franchise? Centrix Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Planet Fitness franchise? If so, here's a 2006 SBA franchise loan that you should know about. Centrix Bank & Trust was the lender and the entrepreneur was based in Portsmouth, New Hampshire.

SBA Loan Borrower

PAPPAS FREGEAU ENTERPRISES LLC
PORTSMOUTH, NH 03801

SBA Loan Lender

CENTRIX BANK & TRUST
1 ATWOOD LN
BEDFORD, NH 03110

The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

11/6/2006

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Planet Fitness franchise. At the time of the loan, the company had 8 employees. This SBA loan request did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $150,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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