Financing for Collection Agencies

With these loans for collection agencies, the SBA guarantees the lender that the loan will be repaid. This collection agencies loan for $604,000 was given to a Pennsylvania entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Doylestown, Pennsylvania was able to borrow $604,000 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $453,000 of this Pennsylvania small business loan.

SBA Loan Borrower

COMPANY TYPE: COLLECTION AGENCIES
DOYLESTOWN, PA 18901

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

561440 - Collection Agencies

Loan Approval Date

2/4/2005

Loan Approval Gross Amount

$604,000

Loan Approval from the SBA

Of the total $604,000 loan amount, the SBA guaranteed $453,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. The SBA loan documents indicated that the loan would help retain 5 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new 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 $604,000 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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