Cit Small Business Lending Corp Gives Business Loan to Building Cleaning And Maintenance Services, N.E.C Company

Bank loans in Tennessee are hard to find these days. We take a look at one Tennessee bank loan, provided by a New Jersey bank, that was approved by the SBA.

This company, based in Dandridge, Tennessee, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Cit Small Business Lending Corp. We've got the inside scoop on this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: BUILDING CLEANING AND MAINTENANCE SERVICES, N.E.C
DANDRIDGE, TN 37725

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

This SBA small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7349 - Building Cleaning and Maintenance Services, N.E.C

NAICS Code

561720 - Janitorial Services

Loan Approval Date

6/25/2002

Loan Approval Gross Amount

$910,900

Loan Approval from the SBA

Of the total $910,900 loan amount, the SBA guaranteed $683,175.

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 42 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

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.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $910,900 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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.

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