Cit Small Business Lending Corp Provides SBA Loan to Buy My Gym Franchise

Borrowing money to invest in a My Gym franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a My Gym franchise may simply require a phone call to a local SBA banker. In 2001, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Salem, New Hampshire. Because My Gym was registered with the SBA's registry of franchises, this New Hampshire small business loan was issued on an expedited basis.

SBA Loan Borrower

MY GYM CHILDREN'S FITNESS CENT
SALEM, NH 03079

SBA Loan Lender

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

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

11/20/2001

Loan Approval Gross Amount

$139,000

Loan Approval from the SBA

Of the total $139,000 loan amount, the SBA guaranteed $118,150.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a My Gym franchise. At the time of the loan, the company had 12 employees. The SBA loan application for the borrower indicated that the loan would help generate 5 new jobs and retain 7 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

While you may be able to borrow money from friends and family, 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:

My Gym Children's Fitness Centers

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