Montebello, CA Entrepreneur Gets SBA Loan to Buy Great Wraps Franchise

Borrowing money to buy a Great Wraps 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 Great Wraps franchise requires some effort but others before you have been successful. In 2005, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Montebello, California. Because Great Wraps was registered with the SBA's registry of franchises, this California small business loan was issued on an expedited basis.

SBA Loan Borrower

GREAT WRAPS MONTEBELLO
MONTEBELLO, CA 90640

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

722211 - Limited-Service Restaurants

Loan Approval Date

12/1/2005

Loan Approval Gross Amount

$255,400

Loan Approval from the SBA

Of the total $255,400 loan amount, the SBA guaranteed $191,550.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Great Wraps franchise. At the time of the loan, the company had 5 employees. This SBA loan request indicated that the funding would help generate 5 new jobs.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Cit Small Business Lending Corp are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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