Cit Small Business Lending Corp Provides SBA Loan to Buy Closet Factory the Franchise

Borrowing money to buy a Closet Factory the franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Auburn, Alabama needed money to invest in a Closet Factory the franchise back in 2000. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this Alabama small business loan.

SBA Loan Borrower

THE CLOSET FACTORY OF AUBURN
AUBURN, AL 36830

SBA Loan Lender

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

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2541 - Wood Partitions and Fixtures

Loan Approval Date

5/12/2000

Loan Approval Gross Amount

$133,000

Loan Approval from the SBA

Of the total $133,000 loan amount, the SBA guaranteed $99,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Closet Factory the franchise. At the time of the loan, the company had 4 employees. The SBA loan documents indicated that the borrowed money would help generate 4 new jobs.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Cit Small Business Lending Corp and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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