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December 19, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Livingston, Business Loans > Cit Small Business Lending Corp Livingston Business Loans > Fastframe Loan | ||||
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Cit Small Business Lending Corp Franchise Business Loans
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Coppell, TX Entrepreneur Gets SBA Loan to Buy Fast Frame FranchiseBorrowing money to purchase a Fast Frame 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 Fast Frame franchise is doable. In 2003, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Coppell, Texas. Because Fast Frame was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis. SBA Loan Borrower FASTFRAME SBA Loan Lender CIT SMALL BUSINESS LENDING CORP 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 442299 - Home Furnishings Stores Loan Approval Date 5/2/2003 Loan Approval Gross Amount $103,000 Loan Approval from the SBA Of the total $103,000 loan amount, the SBA guaranteed $87,550. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Fast Frame franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the borrowed money would help create 2 new jobs. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Raising VC Money for Social Networking Companies Who Lends Money to Small Businesses in Livingston, New Jersey
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