Michigan Entrepreneur Secures Financing to Buy Anytime Fitness Franchise

Borrowing money to buy an Anytime Fitness franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Wyoming, Michigan needed money to invest in an Anytime Fitness franchise back in 2005. Stearns Bank issued an SBA franchise loan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

ANYTIME FITNESS
WYOMING, MI 49509

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

This was a Low Documentation SBA loan. The SBA launched this program to minimize 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. 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.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

1/19/2005

Loan Approval Gross Amount

$105,800

Loan Approval from the SBA

Of the total $105,800 loan amount, the SBA guaranteed $89,930.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Anytime Fitness franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Stearns Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Anytime Fitness

Getting a Small Business Loan

Small Bank Loans in Saint Cloud, Minnesota

Minnesota SBA Bank Lenders