Cit Small Business Lending Corp Provides SBA Loan to Buy Dry Cleaning Station Franchise

Borrowing money to invest in a Dry Cleaning Station franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Dry Cleaning Station franchise shouldn't be too tough. In 2004, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Durham, North Carolina. Because Dry Cleaning Station was registered with the SBA's registry of franchises, this North Carolina small business loan was issued on an expedited basis.

SBA Loan Borrower

DRY CLEANING STATION
DURHAM, NC 27705

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

812320 - Drycleaning and Laundry Services

Loan Approval Date

6/3/2004

Loan Approval Gross Amount

$324,000

Loan Approval from the SBA

Of the total $324,000 loan amount, the SBA guaranteed $243,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Dry Cleaning Station franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower indicated that the loan would help create 6 new jobs.

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

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 $324,000 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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