Lorain, Ohio Entrepreneur Gets a Small Business Loan

Would an Ohio small business loan help your small business to grow and prosper? If so, you may want to talk with this New Jersey bank, which offers SBA loans to Ohio entrepreneurs.

By giving the right information to Cit Small Business Lending Corp, this Lorain, Ohio business was able to get an SBA loan. To get this loan, the loan applicant gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
LORAIN, OH 44052

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

This business loan was issued under the SBA's Certified Lenders Program (CLP), which means that this lending institution has a successful SBA lending history and are well trained in SBA policies and procedures.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

4/24/2002

Loan Approval Gross Amount

$561,900

Loan Approval from the SBA

Of the total $561,900 loan amount, the SBA guaranteed $421,425.

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 120 employees. The loan application did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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