Cit Small Business Lending Corp Provides SBA Loan to Buy True Value Hardware Franchise

Borrowing money to purchase a True Value Hardware franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

True Value Hardware franchise loans are available to Algonquin, Illinois entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Cit Small Business Lending Corp, based in Livingston, New Jersey, issued an SBA franchise loan for a True Value Hardware franchise in 2004. We've got all the details on this Illinois small business loan.

SBA Loan Borrower

TRUE VALUE
ALGONQUIN, IL 60102

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

444130 - Hardware Stores

Loan Approval Date

5/21/2004

Loan Approval Gross Amount

$652,000

Loan Approval from the SBA

Of the total $652,000 loan amount, the SBA guaranteed $489,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a True Value Hardware franchise. At the time of the loan, the company had 22 employees. The loan application indicated that the loan would help generate 10 new jobs and retain 12 existing jobs.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

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SBA 7A Banks for Livingston, New Jersey Loans

New Jersey SBA Bank Lenders