Amcore Bank Provides SBA Loan to Buy Little Gym Franchise

Need money to invest in a Little Gym franchise? Amcore Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Algonquin, Illinois needed money to invest in a Little Gym franchise back in 2001. Amcore Bank issued an SBA franchise loan. Here are the details on this Illinois small business loan.

SBA Loan Borrower

THE LITTLE GYM OF ALGONQUIN
ALGONQUIN, IL 60102

SBA Loan Lender

AMCORE BANK
501 SEVENTH ST
ROCKFORD, IL 61104

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7991 - Physical Fitness Facilities

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

6/6/2001

Loan Approval Gross Amount

$108,700

Loan Approval from the SBA

Of the total $108,700 loan amount, the SBA guaranteed $92,395.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Little Gym franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans provide smart, affordable business financing for small businesses looking to expand.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Amcore Bank and they will explain how you can get an SBA loan for your company.

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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