Cit Small Business Lending Corp Provides SBA Loan to Buy Oil Can Henry Franchise

Borrowing money to invest in an Oil Can Henry franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Bremerton, Washington needed money to invest in an Oil Can Henry franchise back in 2006. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this Washington small business loan.

SBA Loan Borrower

OIL CAN HENRY'S BREMERTON
BREMERTON, WA 98310

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

811118 - Automotive Mechanical and Electrical Repair and Maintenance

Loan Approval Date

3/17/2006

Loan Approval Gross Amount

$775,000

Loan Approval from the SBA

Of the total $775,000 loan amount, the SBA guaranteed $581,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Oil Can Henry franchise. At the time of the loan, the company had only one employee. The loan application indicated that the funding would help generate 1 new job.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Cit Small Business Lending Corp are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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Oil Can Henry's Quick Lube

Equity Financing

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New Jersey SBA 7A Banks