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.
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In 1987, new owners purchased Meadowbrook and began a transformation from a pool of the past to a facility for the future, according to SBA. The goal was 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.
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