Commercial Loans for Mobile Food Services

With these commercial loans for mobile food services, the SBA guarantees the lender that the loan will be repaid. This mobile food services loan for $1,600,000 was given to a Minnesota entrepreneur in 2003.

Getting a small business loan in Minneapolis, Minnesota was important for this business back in 2003 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 Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: MOBILE FOOD SERVICES
MINNEAPOLIS, MN 55404

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

722330 - Mobile Food Services

Loan Approval Date

12/5/2003

Loan Approval Gross Amount

$1,600,000

Loan Approval from the SBA

Of the total $1,600,000 loan amount, the SBA guaranteed $1,000,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 46 employees. The SBA loan documents indicated that the loan would help retain 46 existing jobs.

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

SBA loans provide smart, affordable business financing for small businesses looking to expand.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Cit Small Business Lending Corp and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

VC Firms on Twitter

SBA 7A Lenders in Livingston, New Jersey

Find an SBA Lender in New Jersey