Cit Small Business Lending Corp Gives Bank Loan to Golf Courses And Country Clubs Company

Business loans in Alabama are tough to come by these days. We take a look at one Alabama business loan, provided by a New Jersey bank, that was approved by the SBA.

Getting a small business loan in Northport, Alabama was a top priority for this SBA-financed company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Cit Small Business Lending Corp. Here are the details on this Alabama small business loan.

SBA Loan Borrower

COMPANY TYPE: GOLF COURSES AND COUNTRY CLUBS
NORTHPORT, AL 35476

SBA Loan Lender

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

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713910 - Golf Courses and Country Clubs

Loan Approval Date

1/21/2005

Loan Approval Gross Amount

$1,387,000

Loan Approval from the SBA

Of the total $1,387,000 loan amount, the SBA guaranteed $1,040,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. The loan application indicated that the loan would help retain 8 existing jobs.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

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:

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Small Business Banks in Livingston, New Jersey

New Jersey SBA 7A Lenders