Borrow Money to Buy a Gymboree Franchise

Need money to invest in a Gymboree franchise? Marine Bank, Springfield has a history of making these loans and they are guaranteed by the SBA.

If you live near Springfield, Illinois and are interested in buying a Gymboree franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by Marine Bank, Springfield. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

GYMBOREE PLAY & MUSIC
SPRINGFIELD, IL 62704

SBA Loan Lender

MARINE BANK, SPRINGFIELD
3050 W WABASH AVE
SPRINGFIELD, IL 62704

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8322 - Individual and Family Social Services

NAICS Code

624110 - Child and Youth Services

Loan Approval Date

9/30/2003

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Gymboree franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

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

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Gymboree Play & Music

Obtaining Funding - Getting Venture Capital

SBA 7A Lenders in Springfield, Illinois

SBA Participating Banks in Illinois