Ohio Entrepreneur Secures Financing to Buy Little Gym Franchise

Need a loan to buy a Little Gym franchise? Firstmerit Bank has a history of making these loans and they are guaranteed by the SBA.

Little Gym franchise loans are available to Mentor On The Lake, Ohio entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Firstmerit Bank, based in Akron, Ohio, issued an SBA franchise loan for a Little Gym franchise in 2001. We've got all the details on this Ohio small business loan.

SBA Loan Borrower

LITTLE GYM OF MENTOR, THE
MENTOR ON THE LAKE, OH 44060

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

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

4/20/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 9 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you need business start up money in Mentor On The Lake OH, you ought to talk with a local Mentor On The Lake SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mentor On The Lake businesses.

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 Firstmerit 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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