Cit Small Business Lending Corp SBA Loan to Retail Stores Company

Looking to get a South Carolina small business loan? Here's one South Carolina business loan that was approved by the SBA.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in North Charleston, South Carolina was able to borrow $299,000 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $224,250 of this South Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: RETAIL STORES
NORTH CHARLESTON, SC 29418

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5999 - Retail Stores

Loan Approval Date

6/30/2000

Loan Approval Gross Amount

$299,000

Loan Approval from the SBA

Of the total $299,000 loan amount, the SBA guaranteed $224,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the funding would help create 3 new jobs.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Cit Small Business Lending Corp had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Cit Small Business Lending Corp made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Small Business Credit Cards

Good Banks for Small Business in Livingston, New Jersey

Getting an SBA Loan in New Jersey