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

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

An entrepreneur in Syracuse, New York needed money to invest in a My Gym franchise back in 2003. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this New York small business loan.

SBA Loan Borrower

MY GYM CHILDREN'S FITNESS CENT
SYRACUSE, NY 13214

SBA Loan Lender

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

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

7/3/2003

Loan Approval Gross Amount

$164,000

Loan Approval from the SBA

Of the total $164,000 loan amount, the SBA guaranteed $123,000.

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 5 employees. This SBA loan request indicated that the borrowed money would help create 5 new jobs.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

This company got an SBA loan. You can too! Maybe you want money for start up business? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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

The Friends and Family Network

SBA 7A Banks in Livingston, New Jersey

Browse All Business Loan Sources for New Jersey