Cit Small Business Lending Corp Provides SBA Loan to Buy Little Gym Franchise

Need money to invest in a Little Gym 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 Little Gym franchise shouldn't be too tough. In 2005, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Marlton, New Jersey. Because Little Gym was registered with the SBA's registry of franchises, this New Jersey small business loan was issued on an expedited basis.

SBA Loan Borrower

LITTLE GYM
MARLTON, NJ 08053

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

812990 - Personal Services

Loan Approval Date

6/22/2005

Loan Approval Gross Amount

$1,095,000

Loan Approval from the SBA

Of the total $1,095,000 loan amount, the SBA guaranteed $821,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Little Gym franchise. At the time of the loan, the company had 34 employees. This SBA loan request indicated that the loan would help retain 34 existing jobs.

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

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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.

Related Links:

How Much Venture Capital Is There?

SBA Approved Banks in Livingston, New Jersey

New Jersey SBA 7A Banks