Getting an SBA Loan for Special Trade Contractors
Looking for commercial loans for special trade contractors? Try the SBA. This $258,000 special trade contractors loan was issued by a New Jersey bank.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Chandler, Arizona was able to borrow $258,000 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $193,500 of this Arizona small business loan.
SBA Loan Borrower
COMPANY TYPE: SPECIAL TRADE CONTRACTORS
CHANDLER, AZ 85248
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
235990 - Special Trade Contractors
Loan Approval Date
2/14/2003
Loan Approval Gross Amount
$258,000
Loan Approval from the SBA
Of the total $258,000 loan amount, the SBA guaranteed $193,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 6 employees. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 1 existing job.
Next Steps for Getting an SBA Loan
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Cit Small Business Lending Corp had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Cit Small Business Lending Corp made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.
The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.
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:
Getting a Small Business Loan
Small Bank Loans in Livingston, New Jersey
Where to Get an SBA Loan New Jersey