BALTIMORE — It may be a huge stretch but who's to say if Olympic eight-time gold medal winner Michael Phelps would be a swimming icon today if it weren't for the Small Business Administration?

According to the agency, in 1994, SBA guaranteed a 504 loan to finance the Meadowbrook Aquatic & Fitness Club, Phelps' training facility in his hometown of Baltimore. SBA's 504 program provides long-term, fixed-rate, subordinate mortgage financing for acquiring or renovating capital assets including land, buildings and equipment. More than 400 credit unions now offer 504 and 7(a) loans.

However, a credit union can't make the claim of originating the aquatic center loan. Mid Atlantic Business Finance Company, a certified development company, has that distinction, SBA said.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.