Loan to Buy Body Balance Franchise Issued By Western Reserve Bank

Borrowing money to invest in a Body Balance franchise? Western Reserve Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Body Balance franchise shouldn't be too tough. In 2000, Western Reserve Bank issued an SBA franchise loan to an entrepreneur in Wadsworth, Ohio. Because Body Balance was registered with the SBA's registry of franchises, this Ohio small business loan was issued on an expedited basis.

SBA Loan Borrower

BODY BALANCE FOR PERFORMANCE
WADSWORTH, OH 44281

SBA Loan Lender

WESTERN RESERVE BANK
4015 MEDINA RD
MEDINA, OH 44256

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

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7999 - Amusement and Recreation Services

Loan Approval Date

8/17/2000

Loan Approval Gross Amount

$69,000

Loan Approval from the SBA

Of the total $69,000 loan amount, the SBA guaranteed $55,200.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Body Balance franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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