Borrowing Money for Dentists

With these bank loans for dentists, the SBA guarantees the lender that the loan will be repaid. This dentists loan for $1,056,000 was given to an Illinois entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Champaign, Illinois was able to borrow $1,056,000 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $792,000 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: DENTISTS
CHAMPAIGN, IL 61820

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

621210 - Dentists

Loan Approval Date

7/27/2006

Loan Approval Gross Amount

$1,056,000

Loan Approval from the SBA

Of the total $1,056,000 loan amount, the SBA guaranteed $792,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 8 employees. The SBA loan documents indicated that the funding would help create 8 new jobs.

Next Steps for Getting an SBA Loan

Remember, you 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.

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