Prosperity Bank Provides SBA Loan to Buy Little Gym Franchise

Borrowing money to purchase a Little Gym franchise? Prosperity Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Little Gym franchise is doable. In 2003, Prosperity Bank issued an SBA franchise loan to an entrepreneur in Houston, Texas. Because Little Gym was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis.

SBA Loan Borrower

THE LITTLE GYM
14090B MEMORIAL DRIVE
HOUSTON, TX 77029

SBA Loan Lender

PROSPERITY BANK
12730 RESEARCH
AUSTIN, TX 78759

This debt financing was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

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

12/18/2003

Loan Approval Gross Amount

$194,000

Loan Approval from the SBA

Of the total $194,000 loan amount, the SBA guaranteed $145,500.

More Information on This SBA Loan

The borrower, The Little Gym, 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 4 employees. The loan application did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees. This loan was paid in full, and was closed out on 9/30/2005.

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.

Your solution for where to find money to start a business may be an SBA guaranteed loan. The Little Gym recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

Bank Credit Lines

SBA 7A Banks for Austin, Texas Loans

Where to Get an SBA Loan Texas

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