Loan to Buy General Nutrition Center Franchise Issued By Peoples Bank Of Commerce

Borrowing money to purchase a General Nutrition Center franchise? Peoples Bank Of Commerce has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a General Nutrition Center franchise shouldn't be overly burdensome. In 2003, Peoples Bank Of Commerce issued an SBA franchise loan to an entrepreneur in Edina, Minnesota. Because General Nutrition Center was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

GNC
EDINA, MN 55439

SBA Loan Lender

PEOPLES BANK OF COMMERCE
234 E 1ST AVE
CAMBRIDGE, MN 55008

This lender issued this loan for a small business under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

446191 - Food Supplement Stores

Loan Approval Date

9/8/2003

Loan Approval Gross Amount

$582,000

Loan Approval from the SBA

Of the total $582,000 loan amount, the SBA guaranteed $436,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a General Nutrition Center franchise. At the time of the loan, the company had 16 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Peoples Bank Of Commerce are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there 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.

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Loan to Buy General Nutrition Center Franchise Issued By Peoples Bank Of Commerce