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IBA Fitness Gym Lancaster LLC

Lancaster, PA · Fitness and Recreational Sports Centers · NAICS 713940

IBA Fitness Gym Lancaster LLC is a fitness and recreational sports center in Lancaster, PA, classified under NAICS code 713940. The business was financed with an SBA 7(a) loan for a change of ownership of $500,000, approved on August 30, 2024, by The Huntington National Bank.

SBA 7(a) loan, change of ownership, approved Aug 30, 2024

$500,000 approvedLender: The Huntington National Bank119 months termStatus not reported (SBA exemption)Loan details
Gross approval
$500,000
SBA-guaranteed amount
$375,000 (75% of the approval)
Lender
The Huntington National Bank, Columbus, OH
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
11.25%, variable
Term
9 years, 11 months (119 months)
Estimated maturity
July 30, 2034 (estimated, approval date plus term)
Estimated monthly payment
$6,990 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Oct 15, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
25
Business type
Corporation
NAICS
713940, Fitness and Recreational Sports Centers
Project location
Lancaster County, PA
SBA district office
Philadelphia District Office
Congressional district
PA-11
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Average acquisition loan in Fitness and Recreational Sports Centers: $1,274,850.
  • Average acquisition loan in Pennsylvania: $1,636,965.

Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.

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