Anderson, Indiana Business Gets SBA-Guaranteed Funding from Cit Small Business Lending Corp

An SBA loan from Cit Small Business Lending Corp typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Anderson, Indiana business owner got a $317,200 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Anderson, Indiana was able to borrow $317,200 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $237,900 of this Indiana small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
Anderson, IN 46013

SBA Loan Lender

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

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

3/6/2007

Loan Approval Gross Amount

$317,200

Loan Approval from the SBA

Of the total $317,200 loan amount, the SBA guaranteed $237,900.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 15 employees. The SBA loan documents indicated that the loan would help retain 15 existing jobs.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Anderson IN, you ought to talk with a local Anderson SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Anderson businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Debt Financing

Best Livingston, New Jersey Banks for Small Business

New Jersey SBA 7A Lenders