Cit Small Business Lending Corp Provides SBA Loan to Buy Firehouse Subs Franchise

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

Getting money to buy a Firehouse Subs franchise may simply require a phone call to a local SBA banker. In 2007, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Lexington, Kentucky. Because Firehouse Subs was registered with the SBA's registry of franchises, this Kentucky small business loan was issued on an expedited basis.

SBA Loan Borrower

FIREHOUSE SUBS
LEXINGTON, KY 40507

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

722211 - Limited-Service Restaurants

Loan Approval Date

3/13/2007

Loan Approval Gross Amount

$247,900

Loan Approval from the SBA

Of the total $247,900 loan amount, the SBA guaranteed $185,925.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Firehouse Subs franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help generate 30 new jobs and retain 1 existing job.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

If you need emergency business money, 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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