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April 18, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Midland, Business Loans > Chemical Bank Midland Business Loans > Ramms Investments LLC Loan | ||||
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Raising Money in Grand Ledge, Michigan With SBA Loans
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Borrow Money to Buy a Snap Fitness FranchiseNeed money to buy a Snap Fitness franchise? Chemical Bank has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Snap Fitness franchise? If so, here's a 2007 SBA franchise loan that you should know about. Chemical Bank was the lender and the entrepreneur was based in Grand Ledge, Michigan. SBA Loan Borrower RAMMS INVESTMENTS LLC SBA Loan Lender CHEMICAL BANK 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 10/12/2007 Loan Approval Gross Amount $125,000 Loan Approval from the SBA Of the total $125,000 loan amount, the SBA guaranteed $62,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Snap Fitness franchise. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Chemical Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Microlending as a Small Business Funding Source Small Bank Loans in Midland, Michigan
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