Getting an SBA Loan for General Line Grocery Merchant Wholesalers

Looking for commercial loans for general line grocery merchant wholesalers? The SBA may be the answer. This $154,000 general line grocery merchant wholesalers loan was issued by a New Jersey bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Birmingham, Alabama was able to borrow $154,000 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $115,500 of this Alabama small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL LINE GROCERY MERCHANT WHOLESALERS
BIRMINGHAM, AL 35203

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

424410 - General Line Grocery Merchant Wholesalers

Loan Approval Date

1/27/2006

Loan Approval Gross Amount

$154,000

Loan Approval from the SBA

Of the total $154,000 loan amount, the SBA guaranteed $115,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the funding would help generate 2 new jobs.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Cit Small Business Lending Corp so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Role of Business Plan When Raising Money

SBA Participating Banks in Livingston, New Jersey

New Jersey SBA 7A Lenders