Posted by: Jeremy Quittner on August 26, 2008
It turns out entreprneurs were critical to the success of swimmer Michael Phelps, who broke world records and grabbed eight gold medals at the 2008 Olympics. According to an August release from the Small Business Administration:
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.The SBA’s 504 program provides fixed rate loans to small businesses to buy or renovate land, buildings and equipment.