According to the U.S. Small Business Administration (SBA), the Meadowbrook Aquatic & Fitness Club in Baltimore, MD, home training facility of Olympians Michael Phelps and Katie Hoff, received SBA financing through a 504 loan in 1994.
The news account, distributed by the SBA on August 19, reads:
“In 1987, new owners purchased Meadowbrook and began a transformation from a pool of the past to a facility for the future. They wanted to create an aquatics venue in Baltimore comparable to competitive training centers in Florida and California. Ground was broken in December of 1994 for the indoor pools which began year-round operation in September of 1995.”
SBA's 504 program provides long-term, fixed-rate, subordinate mortgage financing for acquiring or renovating capital assets including land, buildings and equipment. For more information on SBA’s loan program, please visit: http://www.sba.gov/services/financialassistance/sbaloantopics/index.html
Karen Kerrigan
President, SBE Council
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