SBA Loan from Cit Small Business Lending Corp Helps Home Furnishings Stores Company

Cit Small Business Lending Corp is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Mississippi entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Ocean Springs, Mississippi was able to borrow $89,400 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $75,990 of this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: HOME FURNISHINGS STORES
OCEAN SPRINGS, MS 39564

SBA Loan Lender

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

This loan for a small business was sent in by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a comprehensive analysis of the loan application and, in return, SBA provides a quick answer on whether the loan qualifies.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

442299 - Home Furnishings Stores

Loan Approval Date

8/29/2003

Loan Approval Gross Amount

$89,400

Loan Approval from the SBA

Of the total $89,400 loan amount, the SBA guaranteed $75,990.

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 2 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

If you need emergency business money, 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:

Obtaining Funding - How to Borrow Money

Banks in Livingston, New Jersey

New Jersey SBA Bank Lenders