Katy, TX Entrepreneur Gets SBA Loan to Buy Planet Beach Franchise

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

An entrepreneur in Katy, Texas needed money to invest in a Planet Beach franchise back in 2003. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this Texas small business loan.

SBA Loan Borrower

SUN OF BEACH LLC
KATY, TX 77494

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

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

11/14/2003

Loan Approval Gross Amount

$232,700

Loan Approval from the SBA

Of the total $232,700 loan amount, the SBA guaranteed $174,525.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Planet Beach franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower indicated that the borrowed money would help generate 2 new jobs.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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