Cit Small Business Lending Corp Provides SBA Loan to Buy Merlin's Muffler Franchise
Borrowing money to buy a Merlin's Muffler franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.
Merlin's Muffler franchise loans are available to Crystal Lake, Illinois entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Cit Small Business Lending Corp, based in Livingston, New Jersey, issued an SBA franchise loan for a Merlin's Muffler franchise in 2006. We've got all the details on this Illinois small business loan.
SBA Loan Borrower
MERLIN'S MUFFLER AND BRAKE
CRYSTAL LAKE, IL 60014
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
811112 - Automotive Exhaust System Repair
Loan Approval Date
8/25/2006
Loan Approval Gross Amount
$576,000
Loan Approval from the SBA
Of the total $576,000 loan amount, the SBA guaranteed $432,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy a Merlin's Muffler franchise. At the time of the loan, the company
had 12 employees. The SBA loan documents indicated that the loan would help generate 12 new jobs.
Next Steps for Getting an SBA Loan
SBA loans provide money to small business owners for working capital for other expenses.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Cit Small Business Lending Corp that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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:
Merlin Muffler & Brake
The Art of Bootstrapping
Best Banks for Small Business in Livingston, New Jersey
New Jersey SBA 7A Lenders