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Olympian Phelps' Aquatic Facility Funded with SBA Loan

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?

By Michelle A. Samaad | Updated on August 20, 2008

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.

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