California Entrepreneur Secures Financing to Buy Plato's Closet Franchise

Borrowing money to buy a Plato's Closet franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Plato's Closet franchise loans are available to El Cajon, California entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Cit Small Business Lending Corp, based in Livingston, New Jersey, issued an SBA franchise loan for a Plato's Closet franchise in 2003. We've got all the details on this California small business loan.

SBA Loan Borrower

PLATO'S CLOSET
EL CAJON, CA 92020

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

448150 - Clothing Accessories Stores

Loan Approval Date

2/11/2003

Loan Approval Gross Amount

$164,500

Loan Approval from the SBA

Of the total $164,500 loan amount, the SBA guaranteed $123,375.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Plato's Closet franchise. At the time of the loan, the company had 4 employees. The SBA loan documents indicated that the loan would help generate 4 new jobs and retain 4 existing jobs.

Next Steps for Getting an SBA Loan

If you are wondering how to find money to start a business or need money for an existing business, an SBA loan can be a great funding source

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Cit Small Business Lending Corp so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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