Getting an SBA Loan for Insurance Agencies and Brokerages
Looking for commercial loans for insurance agencies and brokerages? Talk to a banker who works with the SBA. This $1,507,000 insurance agencies and brokerages loan was issued by a New Jersey bank.
This business knew how to go about getting a business bank loan. Based in Orlando, Florida, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Cit Small Business Lending Corp, based in Livingston, New Jersey.
SBA Loan Borrower
COMPANY TYPE: INSURANCE AGENCIES AND BROKERAGES
ORLANDO, FL 32819
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
524210 - Insurance Agencies and Brokerages
Loan Approval Date
10/31/2005
Loan Approval Gross Amount
$1,507,000
Loan Approval from the SBA
Of the total $1,507,000 loan amount, the SBA guaranteed $1,130,250.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 21 employees. The loan application indicated that the loan would help generate 16 new jobs and retain 5 existing jobs.
Getting an SBA Loan For Your Business
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.
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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