Niles, IL Entrepreneur Gets SBA Loan to Buy Dollar Discount Stores Franchise

Need a loan to invest in a Dollar Discount Stores franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

If you live near Niles, Illinois and are interested in buying a Dollar Discount Stores franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by Cit Small Business Lending Corp. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

DOLLAR DISCOUNT STORE
NILES, IL 60714

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

452990 - General Merchandise Stores

Loan Approval Date

8/12/2003

Loan Approval Gross Amount

$116,500

Loan Approval from the SBA

Of the total $116,500 loan amount, the SBA guaranteed $99,025.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Dollar Discount Stores franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the borrowed money would help create 2 new jobs.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Dollar Discount

Financing Your Business

SBA Approved Banks in Livingston, New Jersey

Browse All Business Loan Sources for New Jersey