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April 25, 2024 |
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| Home > Small Business Lenders by State > Montana Business Loan Sources > Helena, Business Loans > Valley Bank Of Helena Helena Business Loans > Mountain Fitness LLC Loan | ||||
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Requirements for Borrowing Money to Buy a Franchise
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Clancy (clancey), MT Entrepreneur Gets SBA Loan to Buy Snap Fitness FranchiseBorrowing money to buy a Snap Fitness franchise? Valley Bank Of Helena has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Clancy (clancey), Montana needed money to invest in a Snap Fitness franchise back in 2007. Valley Bank Of Helena issued an SBA franchise loan. Here are the details on this Montana small business loan. SBA Loan Borrower MOUNTAIN FITNESS LLC SBA Loan Lender VALLEY BANK OF HELENA This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 713940 - Fitness and Recreational Sports Centers Loan Approval Date 12/4/2007 Loan Approval Gross Amount $107,000 Loan Approval from the SBA Of the total $107,000 loan amount, the SBA guaranteed $53,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Snap Fitness franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 9 existing jobs. Start the Process for Getting an SBA Loan Today! SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: The Friends and Family Network Who Lends Money to Small Businesses in Helena, Montana
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