Loan to Buy World Gym & Fitness Center Franchise Issued By North Middlesex Savings Bank

Borrowing money to buy a World Gym & Fitness Center franchise? North Middlesex Savings Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a World Gym & Fitness Center franchise requires some effort but others before you have been successful. In 2004, North Middlesex Savings Bank issued an SBA franchise loan to an entrepreneur in Shirley, Massachusetts. Because World Gym & Fitness Center was registered with the SBA's registry of franchises, this Massachusetts small business loan was issued on an expedited basis.

SBA Loan Borrower

JAXON ENTERPRISES LLC
SHIRLEY, MA 01464

SBA Loan Lender

NORTH MIDDLESEX SAVINGS BANK
7 MAIN ST
AYER, MA 01432

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide 7A business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

7/20/2004

Loan Approval Gross Amount

$400,000

Loan Approval from the SBA

Of the total $400,000 loan amount, the SBA guaranteed $300,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a World Gym & Fitness Center franchise. At the time of the loan, the company had 10 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. North Middlesex Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, North Middlesex Savings Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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