Cit Small Business Lending Corp Gives SBA Loan to Veterinary Services For Livestock Company

Bank loans in Mississippi are tough to come by these days. We take a look at one Mississippi bank loan, provided by a New Jersey bank, that was approved by the SBA.

This company, based in Magee, Mississippi, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Cit Small Business Lending Corp. We've got the inside scoop on this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: VETERINARY SERVICES FOR LIVESTOCK
MAGEE, MS 39111

SBA Loan Lender

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

When it made this small business loan, the lender was part of the SBA's Certified Lenders Program (CLP). This program was created to give fast service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

0741 - Veterinary Services for Livestock

NAICS Code

541940 - Veterinary Services

Loan Approval Date

2/27/2003

Loan Approval Gross Amount

$423,600

Loan Approval from the SBA

Of the total $423,600 loan amount, the SBA guaranteed $317,700.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The loan application did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees.

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

Every year, the SBA guarantees over $10 billion for loans just like this one.

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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