Borrowing Money for Business Service Centers

Looking for loans for business service centers? The SBA may be the answer. This $199,000 business service centers loan was issued by a New Jersey bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Champaign, Illinois was able to borrow $199,000 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $149,250 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: BUSINESS SERVICE CENTERS
Champaign, IL 61820

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

561439 - Business Service Centers

Loan Approval Date

9/6/2006

Loan Approval Gross Amount

$199,000

Loan Approval from the SBA

Of the total $199,000 loan amount, the SBA guaranteed $149,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had no employees. The SBA loan application for the borrower indicated that the funding would help generate 3 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are working on finding money to start a business in Champaign IL, you ought to talk with a local Champaign SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Champaign businesses.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Borrowing Money from Friends and Family

Small Business Banks in Livingston, New Jersey

New Jersey SBA 7A Banks