SBA Loan from Cit Small Business Lending Corp Helps Educational Support Services Company

Cit Small Business Lending Corp and the SBA work together to get business loans for growing small businesses. Here's an example of how a Virginia entrepreneur was able to get a loan to take a small business to the next level.

This growing company knew how to go about getting a business bank loan. Based in Charlottesville, Virginia, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Cit Small Business Lending Corp, based in Livingston, New Jersey.

SBA Loan Borrower

COMPANY TYPE: EDUCATIONAL SUPPORT SERVICES
Charlottesville, VA 22902

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

611710 - Educational Support Services

Loan Approval Date

2/9/2007

Loan Approval Gross Amount

$222,000

Loan Approval from the SBA

Of the total $222,000 loan amount, the SBA guaranteed $166,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 19 employees. The SBA loan documents indicated that the loan would help retain 19 existing jobs.

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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Cit Small Business Lending Corp and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Realistic Debt Financing Options

SBA 7A Lenders in Livingston, New Jersey

SBA Participating Banks in New Jersey