Cit Small Business Lending Corp SBA Loan to Masonry And Stone Contractors Company

An SBA loan from Cit Small Business Lending Corp typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Gaithersburg, Maryland business owner got a $455,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Gaithersburg, Maryland was able to borrow $455,000 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $341,250 of this Maryland small business loan.

SBA Loan Borrower

COMPANY TYPE: MASONRY AND STONE CONTRACTORS
GAITHERSBURG, MD 20882

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

235410 - Masonry and Stone Contractors

Loan Approval Date

5/7/2004

Loan Approval Gross Amount

$455,000

Loan Approval from the SBA

Of the total $455,000 loan amount, the SBA guaranteed $341,250.

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 60 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 60 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This SBA loan was for $455,000. How would you spend $455,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Small Business Loan

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Getting an SBA Loan in New Jersey