SBA: We Helped Phelps

I guess you can't blame the Small Business Administration for doing what Kobe Bryant, LeBron James and everybody else is doing these days: Jumping on the Michael Phelps bandwagon.

This factoid just made its way to our offices, courtesy of the folks at the SBA public affairs office:

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.

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.