Local Business Gets a Colorado Bank Loan

Want a Colorado business loan? This Colorado entrepreneur got a business loan, provided by a New Jersey bank that works with the SBA to help small business owners.

By giving the right information to Cit Small Business Lending Corp, this Frisco, Colorado business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: TIRE DEALERS
FRISCO, CO 80443

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

441320 - Tire Dealers

Loan Approval Date

12/27/2002

Loan Approval Gross Amount

$1,074,000

Loan Approval from the SBA

Of the total $1,074,000 loan amount, the SBA guaranteed $805,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. The loan application indicated that the loan would help generate 8 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Cit Small Business Lending Corp had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Cit Small Business Lending Corp made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Determining Proper Capital Structure for a Business

Good Banks for Small Business in Livingston, New Jersey

Where to Get an SBA Loan New Jersey