SBA Loan from Cit Small Business Lending Corp Helps Veterinary Services Company
An SBA loan from Cit Small Business Lending Corp typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Memphis, Tennessee business owner got a $508,500 loan.
Getting a small business loan in Memphis, Tennessee was an essential business goal for this company back in 2008 and, based on their loan application, they were successful in getting an SBA loan from Cit Small Business Lending Corp, operating out of Livingston, New Jersey. Here are the details on this Tennessee small business loan.
SBA Loan Borrower
COMPANY TYPE: VETERINARY SERVICES
MEMPHIS, TN 38115
SBA Loan Lender
CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039
This lender issued this SBA small business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
541940 - Veterinary Services
Loan Approval Date
1/3/2008
Loan Approval Gross Amount
$508,500
Loan Approval from the SBA
Of the total $508,500 loan amount, the SBA guaranteed $381,375.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had 10 employees. The loan application indicated that the loan would help create 10 new jobs.
Next Steps for Getting an SBA Loan
The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.
If you need to find money for a business, 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.
Related Links:
Startup Funding Tip
Find an SBA Lender in Livingston, New Jersey
New Jersey SBA 7A Lenders