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

Need 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.

Getting money to buy a Closet Factory the franchise may simply require a phone call to a local SBA banker. In 2004, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Baltimore Highlands, Maryland. Because Closet Factory the was registered with the SBA's registry of franchises, this Maryland small business loan was issued on an expedited basis.

SBA Loan Borrower

THE CLOSET FACTORY
BALTIMORE HIGHLANDS, MD 21227

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.

NAICS Code

444190 - Building Material Dealers

Loan Approval Date

8/6/2004

Loan Approval Gross Amount

$363,000

Loan Approval from the SBA

Of the total $363,000 loan amount, the SBA guaranteed $272,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Closet Factory the franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower indicated that the loan would help retain 6 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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

SBA 7A Banks in Livingston, New Jersey

New Jersey SBA 7A Lenders