Loan to Buy Closet Factory the Franchise Issued By Cit Small Business Lending Corp

Need a loan to purchase a Closet Factory the 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 Closet Factory the franchise may simply require a phone call to a local SBA banker. In 2003, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Longwood, Florida. Because Closet Factory the was registered with the SBA's registry of franchises, this Florida small business loan was issued on an expedited basis.

SBA Loan Borrower

THE CLOSET FACTORY
LONGWOOD, FL 32750

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

444110 - Home Centers

Loan Approval Date

2/21/2003

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Closet Factory the franchise. At the time of the loan, the company had 18 employees. The SBA loan documents indicated that the loan would help retain 18 existing jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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.

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