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Lending expert Angelo Medici discusses SBA lending and the benefits of gym owners maintaining a full-time job. The advantages of SBA loans over traditional loans, main loan products, and the importance of owning real estate for gym businesses are also explored. Understanding financial terms and effective expense management, as well as the possibility of having outstanding debt on an EIDL loan and applying for another SBA loan, are discussed.
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Quick takeaways
- Live Oak Bank is the largest lender of SBA loans in the US, specializing in financing for the acquisition of buildings or other businesses.
- Detailed pro forma projections for the first 24 months are required for loan approval, helping gym owners plan and manage expenses.
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Overview of Live Oak Bank's Role in SBA Loans
Live Oak Bank is the largest lender of SBA (Small Business Administration) based loans in the United States. They specialize in providing SBA loan products for purchasing buildings or other businesses, making them a key partner for gym owners seeking financing.
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