Red Bank, NJ Entrepreneur Gets SBA Loan to Buy Body Balance Franchise

Need money to buy a Body Balance franchise? Bank Of America has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Body Balance franchise may simply require a phone call to a local SBA banker. In 2001, Bank Of America issued an SBA franchise loan to an entrepreneur in Red Bank, New Jersey. Because Body Balance was registered with the SBA's registry of franchises, this New Jersey small business loan was issued on an expedited basis.

SBA Loan Borrower

GOLF FITNESS & PHUSICAL THERAP
RED BANK, NJ 07701

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

6/15/2001

Loan Approval Gross Amount

$30,200

Loan Approval from the SBA

Of the total $30,200 loan amount, the SBA guaranteed $15,100.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Body Balance franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower indicated that the loan would help retain 4 existing jobs.

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

Many small businesses receive loans backed by the U.S. Small Business Administration.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Bank Of America and they will explain how you can get an SBA loan for your company.

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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