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December 22, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > San Jose, Business Loans > Wells Fargo Bank San Jose Business Loans > My Gym Childrens Fitness Cente Loan | ||||
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Tips for Borrowing Money to Buy a Franchise
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Toluca Lake, CA Entrepreneur Gets SBA Loan to Buy My Gym FranchiseNeed a loan to invest in a My Gym franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a My Gym franchise? If so, here's a 2005 SBA franchise loan that you should know about. Wells Fargo Bank was the lender and the entrepreneur was based in Toluca Lake, California. SBA Loan Borrower MY GYM CHILDRENS FITNESS CENTE SBA Loan Lender WELLS FARGO BANK This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 713940 - Fitness and Recreational Sports Centers Loan Approval Date 3/2/2005 Loan Approval Gross Amount $95,000 Loan Approval from the SBA Of the total $95,000 loan amount, the SBA guaranteed $80,750. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a My Gym franchise. At the time of the loan, the company had 7 employees. The loan application did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans provide money to small business owners for working capital for other expenses. While you may be able to find business people willing to loan money, 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 Realistic Debt Financing Options SBA Participating Banks in California
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