Gaithersburg, MD Entrepreneur Gets SBA Loan to Buy Fast Frame Franchise

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

Fast Frame franchise loans are available to Gaithersburg, Maryland 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 Fast Frame franchise in 2003. We've got all the details on this Maryland small business loan.

SBA Loan Borrower

FASTFRAME
GAITHERSBURG, MD 20878

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

442299 - Home Furnishings Stores

Loan Approval Date

3/25/2003

Loan Approval Gross Amount

$138,500

Loan Approval from the SBA

Of the total $138,500 loan amount, the SBA guaranteed $117,725.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Fast Frame franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 1 new job and retain 1 existing job.

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Cit Small Business Lending Corp that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

FASTFRAME USA INC.

Business Line of Credit

Small Business Banks in Livingston, New Jersey

New Jersey SBA Banks